Emerson Electric Co. (EMR) announced on Tuesday that its net profit for the third quarter rose on Tuesday, allowing it to increase dividend payments to shareholders.

The world’s largest maker of power equipment and utilities for oil companies stated that the quarterly net profit rose 26 percent to $526 million or $1.29 per share compared to same quarter a year ago. Revenue increased 19 percent to $5.52 billion. Both the net profit and revenue for the firm exceeded Wall Street expectations, which forecast the firm would make $1.20 in earnings per share and $5.27 billion in revenue.

“This was a great finish to a very strong year,'' Credit Suisse analyst Nicole Parent wrote in her research notes today. She has an “outperform” rating on the stock.

The St. Louis firm also increased its quarterly cash dividend payment to $0.525 from $0.445 cents a share. In addition, the firm said that shares for the company will be split to 2-for-1.

At the company’s biggest division, process management, profit increased 43 percent to $291 million while sales rose 20 percent. The firm also sold a Buehler materials testing unit - once a part of industrial automation – which allowed the firm to generate $31 million.

Shares of Emerson increased $6.01, or 7.28 percent, to $88.57 in mid-afternoon trading on New York Stock Exchange composite trading.