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Raytheon raises quarterly dividend by 10 percent

WALTHAM, Mass. (AP) -- Raytheon Co. on Wednesday raised its cash dividend by 10 percent. It's the defense contractor's ninth annual increase in a row.

The company's board authorized increasing the quarterly dividend to 55 cents from 50 cents per share. It will be paid on May 2 to shareholders of record on April 3.

Over the course of a year, the dividend amounts to $2.20, up from $2.00 per share.

Raytheon shares fell 10 cents to close at $57.