IRVING,
Texas, June 12, 2024 /PRNewswire/ -- The Board of
Directors of Caterpillar Inc. (NYSE: CAT) voted today to raise the
quarterly dividend by eleven cents,
an 8% increase, to one dollar and
forty-one cents ($1.41) per share of common stock, payable
August 20, 2024, to shareholders of
record at the close of business on July 22,
2024. The Board of Directors also added $20 billion to its current share repurchase
authorization, which was launched in 2022 with no expiration date.
With the new authorization, Caterpillar Inc. may repurchase up to
approximately $21.8 billion of its
common stock. Caterpillar expects to continue to return
substantially all Machinery, Energy & Transportation (ME&T)
free cash flow to shareholders over time through dividends and
share repurchases.
"We continue to generate robust ME&T free cash flow through
the execution of our enterprise strategy for long-term profitable
growth," said Caterpillar Chairman and CEO Jim Umpleby. "Our strong financial performance
supports increasing our quarterly dividend and share repurchase
authorization, which aligns with our commitment to return
substantially all ME&T free cash flow to shareholders over
time."
Caterpillar has paid a cash dividend every year since the
company was formed and has paid a quarterly dividend since 1933.
Caterpillar has paid higher annual dividends to shareholders for 30
consecutive years and is recognized as a member of the S&P 500
Dividend Aristocrats Index.
About Caterpillar
With 2023 sales and revenues of
$67.1 billion, 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. For nearly 100 years,
we've been helping customers build a better, more sustainable world
and are committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does business on every continent, principally operating
through three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the
conversation on our social media channels
at caterpillar.com/en/news/social-media.html.
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SOURCE Caterpillar Inc.