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The cast for dividend growth is well known: compound interest is great but having a growing "interest" stream is even better. But there is another kind of growth we can get from dividend companies. What if each dividend increase was bigger than the previous increase?

This would mean that the dividend growth would be, in mathematical terms, an exponential function. Or in grade-school terms: the dividend is getting bigger and bigger, faster and faster.

In a previous article (read it here), I made the somewhat depressing point that the dividend growth rate for U.S. companies has been dropping for the last few years, so I didn't think it was likely any company would have increased their dividend growth rates for ten straight years.

Well, my lack of faith is truly shameful as it turns out there were a full 23 U.S.-listed stocks that had grown their dividends exponentially this decade! I point out a few of my favourites and then present the entire list for your future research.

AmeriGas Partners LP (APU)

AmeriGas Partners, L.P. is one of the largest retail propane distributors in the United States. The company serves residential, commercial, industrial, agricultural and motor fuel customers.

I have always liked the slow but steady returns from pipelines companies and AmeriGas Partners is one of the best. This smallcap MLP has solidly outperofmred the Alerian Index and has been raising dividends for seven years and now boasts a juicy 7% yield.

Coca-Cola FEMSA S.A.B. de C.V. (KOF)

Coca-Cola FEMSA S.A.B. de C.V., which you can simply call Latin-Coke, produces, markets and distributes soft drinks througout Latin America. Now, scroll down to the table that shows KOFs ten-year dividend history. Have you ever seen such beautiful dividend growth before? Even with that staggering dividend growth, KOF's payout ratio is only 46% and considering projected EPS growth is in the double digits, this stock has a lot more room to grow thier yield. KOF is a direct play on the emerging market consumer and is one of my strongest conviction picks.

Colgate-Palmolive Co (CL)

After that sizzling hot Latin stock, let's cool things off with a boring ol' consumer goods company. Colgate-Palmolive manufactures and sells a wide range of consumer products under leading brand names around the world. Dividend growth investors will know this stock as one of the stalwards of the dividend world, having raised their dividend for an impressive 48 straight years. What is even more impressive is the fact that their dividend growth rates have been increasing for the last ten years! Imagine, a nice defensive cash generating company that keeps increasing their divdends by more and more each year. If Europe is getting you (or your portfolio) down, strongly consider this company as part of the remedy!

The full table:

Company

Ticker

Industry

Div Yield

1Y DGR

3Y DGR

5Y DGR

10Y DGR

AmeriGas Partners LP

APU

MLP-Propane

7.0

5.1

4.9

4.5

2.4

DPL Inc.

DPL

Utility-Electric/Gas

4.4

6.1

5.2

4.7

2.6

Delta Natural Gas

DGAS

Utility-Gas

4.3

3.1

2.6

2.2

1.6

Avista Corp.

AVA

Utility-Electric/Gas

4.3

23.5

18.9

12.9

7.6

UGI Corp.

UGI

Utility-Electric/Gas

3.6

14.6

7.6

6.7

5.9

Wisconsin Energy

WEC

Utility-Elec/Gas

3.2

18.5

17.0

12.7

1.6

American States Water

AWR

Utility-Water

3.2

3.0

2.9

2.9

2.0

General Mills

GIS

Food Processing

3.2

16.7

11.4

10.4

6.7

Bob Evans Farms

BOBE

Restaurants

3.0

15.2

10.7

9.6

7.8

Enbridge Inc.

ENB

Oil & Gas

2.8

26.6

12.5

11.8

9.8

Walgreen Company

WAG

Retail-Drugstores

2.7

25.0

21.9

21.6

16.5

Southwest Gas Corp.

SWX

Utility-Natural Gas

2.7

5.3

5.1

3.8

1.9

South Jersey Industries

SJI

Utility-Gas

2.6

13.9

11.4

9.8

6.4

Colgate-Palmolive Co.

CL

Personal Products

2.6

18.0

13.2

12.8

12.4

Coca-Cola FEMSA S.A.B. de C.V.

KOF

Beverages-Non-alcoholic

2.2

127.6

42.8

30.6

22.3

Tennant Company

TNC

Machinery

1.8

11.3

7.1

6.0

4.2

Novo Nordisk A/S

NVO

Drugs

1.7

36.1

32.2

27.4

20.9

Church & Dwight

CHD

Consumer Products

1.5

34.8

27.4

20.9

12.8

Stepan Company

SCL

Cleaning Products

1.4

8.9

5.9

4.5

4.2

Imperial Oil Ltd.

IMO

Oil & Gas

1.1

11.8

6.1

5.9

4.9

Ross Stores Inc.

ROST

Retail-Apparel

1.0

45.5

28.7

25.0

23.7

Roper Industries Inc.

ROP

Industrial Equipment

0.5

15.2

13.5

12.6

10.5

Helmerich & Payne Inc.

HP

Oil & Gas

0.5

10.0

6.9

5.8

4.3

Source: 23 Dividend Stocks With Accelerating Dividend Growth Rates