Caterpillar’s Board of Directors has voted to maintain the company’s dividend rate.
The quarterly cash dividend of seventy-seven cents per share of common stock will be payable November 20 to shareholders of record at the close of business October 26.
“I am pleased to announce we are maintaining Caterpillar’s dividend,” says CAT Chairman and CEO Doug Oberhelman. “Even in this challenging environment, where we are aggressively moving to reduce our cost structure to match our current business outlook, we remain committed to rewarding stockholders through the cycles. As evidence of this commitment, we have returned $3.3 billion in capital to stockholders through dividends and stock repurchases to date in 2015.”
Caterpillar, last month, announced plans to layoff up to 10,000 employees worldwide over the next three years. Spokesperson Rachel Potts said the initial layoffs of 4,000 to 5,000 salaried and management employees through 2016 would be largely U.S. based. The rest through 2018 would be global in nature.
Caterpillar has paid a cash dividend every year since the company was formed and has paid a quarterly dividend since 1933.