The Procter & Gamble Company (P&G) has declared an increase in the quarterly dividend on its common stock, and its series A and series B convertible class A preferred stock, from US$0.28 to $0.31 per share.

The dividend will be payable on or after 15 May 2006, to shareholders of record at the close of business on 21 April 2006.

“This is the 50th consecutive fiscal year that P&G has increased dividends and reflects the board’s confidence in P&G’s ability to generate strong, profitable growth in line with our long-term objectives,” said the company’s chief financial officer Clayt Daley. “Over the past 50 years, compound annual dividend growth has exceeded 9%.”

P&G narrowed its previously announced EPS guidance for the January to March quarter to between $0.59 and $0.61 per share. The company also said that sales growth for the quarter is currently trending towards the mid-point of its previously forecast range of between 20% and 23%.