Farm and construction equipment maker Deere & Co. said Wednesday it is raising its quarterly dividend to 51 cents from 46 cents.

The company last raised its dividend a year ago, and said it is raising it again because it is confident in its long-term cash flow.

Deere said earlier this month that its first-quarter net income leaped 22 percent on growing sales of farm machinery at higher prices.

The move increases Deere's dividend 11 percent. Deere said its next dividend is payable May 1 to shareholders of record on March 28.

Deere's stock rose $1.27 to $87.77 in midday trading.