Feb. 29 (Bloomberg) -- Deere & Co., the world’s largest maker of agricultural equipment, raised its quarterly dividend by 12 percent and reiterated its goal of expanding sales by about 56 percent by 2018.
The company said today it will increase the dividend to 46 cents a share from 41 cents a share. Chairman and Chief Executive Officer Samuel R. Allen said Deere is seeking to increase revenue to $50 billion by 2018, with half of that revenue from outside the U.S. and Canada.
“Our recent performance shows we’re making good progress,” Allen said at the company’s annual shareholder meeting at its headquarters in Moline, Illinois. Profit and cash flow provide “a sturdy foundation for the company to pursue its growth aspirations, which are shifting into higher gear.”
Sales of the company’s signature green and yellow farm, forestry and construction machines will rise 15 percent in the fiscal year ending Oct. 31, Deere said Feb. 15. Revenue in fiscal 2011 climbed to a record $32 billion, of which 39 percent came from outside the U.S. and Canada.
Deere dropped 0.5 percent to $82.93 at the close in New York.
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