Cat maintains cash dividend rate
- Details
- Published on Wednesday, 09 April 2014 11:34
- Written by Paul Gordon
Caterpillar Inc. announced Wednesday it will maintain its quarterly cash dividend at 60 cents per share of common stock.
The dividend, approved by the company’s board of directors, is payable May 20 to stockholders of record at the close of business on April 21, the company said in a news release.
"Our global team's 2013 operational performance delivered record cash flow and resulted in the strongest balance sheet in more than 25 years,” Chairman and CEO Doug Oberhelman said in the release.
“Our priorities for uses of cash and our commitment to deliver superior returns to stockholders through the cycles remain unchanged. This dividend, along with the largest quarterly stock repurchase of $1.7 billion completed in March, demonstrates this commitment," he said.
Caterpillar has paid higher dividends to its stockholders for 20 consecutive years, and since 1998, the company's cash dividend has more than tripled.
Including this announcement, Caterpillar has paid a cash dividend every year since the company was formed and has paid a quarterly dividend since 1933, the company said.
Caterpillar stock has risen above the $100-per-share mark for the first time in nearly two years. It traded at just over that mark on May 3, 2012, but has hovered in the $90 range until April 2, when it topped $100 a share.
At midday Wednesday Caterpillar stock was at $102.58 a share, still well off its historical high of $116.20 a share reached Feb. 23, 2012.
Caterpillar will announce its first quarter financial results on April 24. A consensus of Wall Street analysts who follow Caterpillar expect a profit of $1.25 a share, which would be down slightly from the first quarter of 2013 when the company reported a profit of $1.31 a share.
