International Business Machines' (IBM) - Get Report board on Tuesday raised the company's regular quarterly cash dividend to $1.62 per common share, an increase of 5 cents. The increase from $1.57 marks the 24th year in a row that the computer maker and software-technology company has increased its quarterly cash dividend.
The new amount will be payable June 10, to stockholders of record as of May 10.
"Our strong cash generation has enabled IBM to invest aggressively in the emerging, high-value segments of our industry, while continuing to return capital to our shareholders," said Ginni Rometty, IBM's chief executive, in a statement.
The dividend news comes just about two weeks after IBM released its first-quarter earnings showing adjusted earnings per share of $2.25, down around 8% from the same time last year, but still beating analysts' expectations. Revenue was also down -- by nearly 5% -- to $18.2 billion, but after adjusting for currency exchange losses, was down by less than 1%.
Shares were nearly flat on Tuesday, trading at $139.17 on the New York Stock Exchange.
IBM's businesses include cloud computing software, global business services such as consulting and application management services, infrastructure and cloud services and technology support services, as well as other offerings.