Procter & Gamble says it's boosting its quarterly cash dividend by 3.95 cents, or 7 percent, to 60.15 cents.

The higher dividend applies to the Cincinnati-based consumer products company's common stock and its Series A and Series B ESOP convertible Class A preferred stock.

The dividend will be paid on or after May 15 to common stock shareholders of record as of the close of business on April 26 and to Series A and Series B preferred stock shareholders as of the start of business on April 26.

Procter & Gamble Co. has paid a dividend every year since its incorporation in 1890.

P&G's first-quarter earnings topped analyst expectations as a turnaround plan showed signs of taking hold.