Kellogg announced on Friday (21 April) that it will raise its quarterly dividend by 5% to US$0.291, citing confidence in the companies long-term prospects.

The rise will come into effect in the third quarter. The new dividend is payable on 15 September, to shareholders of record 1 September. On 15 June the company will pay the regular dividend for the second quarter of $0.2775 to shareholders of record 1 June.

“This dividend increase reflects confidence in our sustainable business model and the dependability of our results over the long term,” Kellogg’s chief executive Jim Jenness said in a statement.