DEERFIELD, Ill. (AP) -- Spirits maker Beam Inc. said Friday that it is increasing its dividend by 10 percent.
The company will pay shareholders 22.5 cents per share each quarter, up from its prior rate of 20.5 cents. Its dividend is payable March 1 to shareholders of record at the close of business Feb. 6.
The spirits company, which sells products such as Jim Beam, Maker's Mark and Knob Creek bourbons, said the increase reflects the company's confidence in its ability to deliver sustainable, profitable long-term growth.
Shares of Beam increased 58 cents to $61.97 by midday, in line with broader market trends.