The board of Philadelphia-based FMC Corp. declared a quarterly dividend of 44 U.S. cents per share, a 10% increase over the company's previous quarterly dividend of 40 cents per share.

The new dividend is payable Jan. 16, 2020, to shareholders of record as of Dec. 31.

FMC said Dec. 19 that the dividend hike is in line with its policy to reward shareholders by increasing the payout at the same rate as its net income growth.

In the third quarter, the company posted a 24.2% yearly rise in net earnings and increased its full-year revenue outlook.