The board of directors of Peoria-based Caterpillar Inc. voted today to increase the quarterly cash dividend by 17 percent to 70 cents per share of common stock, payable August 20 to stockholders of record on July 21.
"This dividend increase demonstrates our financial strength and confidence in long-term prospects for the company," said Caterpillar Chairman and CEO Doug Oberhelman. "Despite business and economic uncertainties around the world, our balance sheet has remained strong -- the strongest it's been in more than two decades -- positioning us to perform through the cycles.
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"In addition, our global team has delivered solid operational and financial performance, enabling Caterpillar to return over $5.0 billion of capital to stockholders through stock buybacks and dividends since the beginning of 2013," he added.
Caterpillar has paid higher dividends to its stockholders for 20 consecutive years, and since 1998, the company's cash dividend has more than tripled.
"We are proud of our long dividend history, in which Caterpillar has paid a cash dividend to our stockholders every year since the company was formed in 1925. We are equally proud that during this period, our equipment and services have helped build, grow and power the world," Oberhelman added.