Caterpillar board members vote to increase the company's quarterly cash dividend 17 percent to 70 cents per share of common stock.
The dividend will be payable August 20th to shareholders of record at the close of business July 21st.
"This dividend increase demonstrates our financial strength and confidence in long-term prospects for the company," says Caterpillar, Inc. 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. In addition, our global team has delivered solid operational and financial performance, enabling Caterpillar to return over $5-billion of capital to stockholders through stock buybacks and dividends since the beginning of 2013," says Oberhelman.
Caterpillar officials say the company has paid higher dividends to its stockholders for 20 consecutive years, and since 1998, the company's cash dividend has more than tripled.