Caterpillar Inc. (NYSE: CAT) announced today that its Board of Directors has approved an 8% increase in the quarterly dividend. Shareholders of common stock will now receive one dollar and thirty cents ($1.30) per share, representing a ten-cent raise. The dividend is scheduled to be paid on August 18, 2023, to shareholders of record as of July 20, 2023.
Jim Umpleby, Chairman and CEO of Caterpillar, expressed confidence in the company's ability to generate strong Machinery, Energy & Transportation (ME&T) free cash flow and execute their long-term growth strategy. "Our commitment to sustainable profitability drives our decision to raise the dividend," said Umpleby. He emphasized that Caterpillar's robust ME&T free cash flow, solid balance sheet, and ample liquidity position support their longstanding tradition of delivering value to shareholders.
Caterpillar has a remarkable dividend history, having made cash dividend payments every year since its inception. The company has been distributing quarterly dividends since 1933 and has consistently increased its annual dividends for 29 consecutive years. Its impressive track record has earned Caterpillar a place among the prestigious S&P 500 Dividend Aristocrats Index.
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About Caterpillar
Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. With sales and revenues reaching $59.4 billion in 2022, the company has been instrumental in building a better and more sustainable world for nearly a century. Caterpillar's commitment to reducing carbon emissions aligns with its vision for a greener future. Through its innovative products, services, and extensive global dealer network, Caterpillar provides exceptional value to its customers, enabling their success. The company operates on every continent, primarily functioning through three core segments: Construction Industries, Resource Industries, and Energy & Transportation. Additionally, Caterpillar offers financing solutions and related services through its Financial Products segment.
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