The Associated Press May 26, 2010, 2:39PM ET

Deere raises quarterly dividend by 2 cents

Farm equipment maker Deere & Co.'s board has declared a quarterly dividend of 30 cents a share, up 2 cents per share from the previous dividend, the company announced Wednesday.

The dividend is payable Aug. 2 to shareholders of record on June 30.

Deere's second-quarter net income rose 16 percent as farmers bought more equipment as the global economy improved. The Moline, Ill.-based Deere made $547.5 million in net income, or $1.28 per share, for the quarter.

Shares of Deere rose $1.03, or 1 percent, to $56.92 in afternoon trading.

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