AmeriGas Propane Inc. of King of Prussia today increased its quarterly distribution by 3 cents to 61 cents per limited partnership unit. The new dividend is payable May 18 to unitholders on May 10.
The company is the general partner of AmeriGas Partners L.P., a publicly traded retail propane marketer.
AmeriGas Propane said the dividend hike of 5.2 percent exceeds the company's target increase of 3 percent, a step it took because of improved cash flow from what it expects to be record earnings for this fiscal year.
AmeriGas Propane today said its second-quarter profit rose 52 percent to $119.9 million.
Shares of AmeriGas Partners rose $1.20 to $35.41 in morning trading on the New York Stock Exchange.