Summary
This 8-K filing by Deere & Company, dated February 27, 2013, primarily announces a significant increase in the company's quarterly dividend. The Board of Directors approved raising the dividend to $0.51 per share, an 11% increase over the previous rate and the eleventh such increase since 2004. This action underscores management's confidence in the company's long-term cash flow generation and its strategic positioning for future growth. Management's statement, particularly from CEO Samuel R. Allen, emphasizes Deere's commitment to profitably growing the business and returning value to shareholders. The dividend hike signals a positive outlook on the company's ability to navigate market trends and deliver consistent returns, aligning with their stated goal of enhancing shareholder value.
Key Highlights
- 1Deere & Company's Board of Directors approved an increase in the quarterly dividend to $0.51 per share.
- 2This represents an 11% increase over the previous dividend rate.
- 3This marks the eleventh dividend increase for Deere & Company since early 2004.
- 4The new dividend rate is payable on May 1, 2013, to stockholders of record on March 28, 2013.
- 5Management expressed confidence in the company's long-term cash flows and strategic positioning for growth.
- 6The company remains committed to profitably growing the business and returning cash to shareholders.