We believe income investors should focus on quality dividend stocks. Dividend growth stocks have shown the ability to generate superior returns over the long-run.

For this reason, we recommend income investors consider high-quality dividend stocks that have a demonstrated ability to raise their dividends each year, even during recessions. These are stocks that can be held forever.

This article will discuss 3 dividend stocks with decades-long histories of growing their payouts each year, even during recessions, with growth potential for the long run.

MSA Safety (MSA)

MSA Safety Incorporated, formerly Mine Safety Appliances, was founded in 1914. Today, it develops and manufactures safety products.

Customers come from a variety of industrial markets, including oil & gas, fire service, construction, mining, and the military.

MSA Safety’s major products include gas and flame detection, air respirators, head protection, fall protection, air purifying respirators, and eye protection gear.

On February 12th, 2025, MSA released its Q4 and full-year results for the period ending December 31st, 2024. For the quarter, revenue came in at $499.7 million, up 0.9% compared to Q4-2023. More specifically, the Americas segment’s sales were up 1%.

MSA’s adjusted operating margin rose by just 70 basis points to 24.0% compared to last year. Hence, adjusted earnings came in at $89.0 million, 9% higher from $82.0 million last year, despite the much softer increase in sales. Adjusted EPS also rose by 9% to $2.25. For the year, adjusted EPS came in at $7.70.

Continued growth is likely this year--MSA’s management expects low-single digit full-year organic sales growth in 2025.

MSA has put together a solid growth record in the past decade, growing by an average rate of 13.2% per year from 2015 through 2024. The acquisition of Globe Manufacturing in 2017 boosted the company’s revenue growth profile and provided the company with an expansion into new product categories, such as protective clothing for firefighters. Innovations such as the thermal imaging camera in the self-contained breathing apparatus and the company’s V-Series line of fall protection have helped as well.

 In addition, the Sierra Monitor acquisition, Bristol Uniforms acquisition, Bacharach acquisition, and a strong backlog cement the idea of the possibility of continued growth. Most of MSA’s products continue to be in high demand in the current environment. Over the intermediate term, we are assuming a 7% annual growth.

MSA has grown its dividend for 54 consecutive years, earnings the prestigious title of Dividend King.

Parker-Hannifin (PH)

Parker-Hannifin is a diversified industrial manufacturer specializing in motion and control technologies. The company generates annual revenues of $16 billion.

In late January, Parker-Hannifin reported (1/30/25) results for the second quarter of 2025. Organic sales grew 1% over the prior year’s quarter, as 14% growth in aerospace was almost offset by declines in North American Business and International Business.

Adjusted earnings-per-share grew 6%, from $6.16 to $6.53, thanks to strong sales and a wider profit margin in aerospace.

Parker-Hannifin exceeded the analysts’ consensus by $0.30. Notably, Parker-Hannifin has exceeded the analysts’ EPS estimates for 38 consecutive quarters.

Management expects 2% organic sales growth (vs. 1.5%-4.5% growth in previous guidance) and narrowed its guidance for adjusted earnings-per-share to $26.40-$27.00.

Parker-Hannifin has more than tripled its earnings-per-share over the last nine years. Given also its acquisition of Meggitt, its record backlog and its consistent business performance, we expect Parker Hannifin to grow its earnings-per-share at a 9.0% average annual rate over the next five years.

Parker-Hannifin’s growth will come in part from acquisitions. The $4.3 billion CLARCOR transaction and the three aforementioned acquisitions are examples of this.

Parker-Hannifin has paid a dividend for 72 years and has increased the dividend for 67 consecutive years.

S&P Global (SPGI)

S&P Global is a worldwide provider of financial services and business information and revenue of over $13 billion. Through its various segments, it provides credit ratings, benchmarks and indices, analytics, and other data to commodity market participants, capital markets, and automotive markets.

S&P posted fourth quarter and full-year earnings on February 11th, 2025, and results were much better than expected on both the top and bottom lines.

Adjusted earnings-per-share came to $3.77, which was a staggering 30 cents ahead of estimates. Earnings rose from $3.13 a year ago.

Revenue was up 14% year-over-year to $3.59 billion, beating estimates by $90 million. The company posted revenue growth in all of its operating segments, in addition to strong operating margin expansion.

Operating expenses rose slightly from $2.26 billion to $2.33 billion year-over-year. That led to operating profit of $1.68 billion, sharply higher from $1.39 billion a year ago.

S&P Global’s business has benefited from a series of favorable secular trends. Since the Great Recession in 2009, total corporate debt has been on a steady rise, which means more ratings are needed. Lower global interest rates have continued to lead to more and more issuances of debt.

In addition, the company has three other strong segments that aren’t as dependent upon rates remaining low, should they rise again in the future.

S&P Global has paid dividends continuously since 1937 and has increased its payout for 51 consecutive years. With dividend growth above 10%, SPGI is one of the rock solid dividend stocks.

Disclosure: No positions in any stocks mentioned

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Bob Ciura has worked at Sure Dividend since October 2016. He oversees all content for Sure Dividend and its partner sites. Bob received a Bachelor’s degree in Finance from DePaul.