Cat maintains cash dividend; nominates director
- Details
- Published on Wednesday, 08 April 2015 14:34
- Written by Paul Gordon
Caterpillar Inc. said Wednesday it will maintain its quarterly cash dividend at 70 cents per share of common stock.
Caterpillar’s board of directors voted Wednesday to make the dividend payable May 20 to stockholders of record at the close of business on April 20, the company said in a news release.
"I am pleased to announce we are maintaining Caterpillar's dividend," said Caterpillar Chairman and CEODoug Oberhelman. "In 2014, we kept a strong balance sheet and delivered the third highest operating cash flow in our history. In addition, we returned a record$5.8 billionin capital to stockholders through dividends and stock repurchase. This dividend supports our commitment to deliver superior returns to stockholders through the cycles."
Caterpillar has paid higher dividends to its stockholders for 21 consecutive years, and since 2006 the company's cash dividend has more than doubled.
Including the announcement today, Caterpillar has paid a cash dividend every year since the company was formed and has paid a quarterly dividend since 1933.
Caterpillar will announce its first quarter earnings on Thursday, April 23.
Also on Wednesday, the Caterpillar board nominated Debra L. Reed, chairman and CEO of Sempra Energy, a San Diego-based energy company, to the company's board of directors. The election of board members will be at the company's annual meeting in June.
Reed, 58, has been with Sempra since 1978.
"Energy is core to our business at Caterpillar, so having a Board member who has spent her entire 37-year-career at one company in this industry will greatly benefit our company," Oberhelman said. “Debbie understands the opportunities and challenges facing the energy industry today, and she knows how to successfully run and grow an international business. She will offer a valuable and unique perspective on our Board.”
Reed, who has been named to Fortune magazine’s 50 Most Powerful Women in Business the last four years, is also a board member of Halliburton Company, a supplier to the oil and gas production industries.
