Cat maintains cash dividend
- Details
- Published on Wednesday, 12 December 2012 15:17
- Written by The Peorian
Caterpillar Inc. will maintain its quarterly cash dividend of 52 cents a share of common stock, the company's board of directors voted Wednesday.
The board further voted to accelerate the payout date, making the dividend payable Dec. 31 to shareholders of record at the close of business Dec. 24, Caterpillar said in a news release.
"After reporting a record third quarter for sales and profit, I am pleased to announce we are maintaining Caterpillar's quarterly dividend," Caterpillar Chairman and CEO Doug Oberhelman said in a prepared statement. "While we remain watchful and attentive to the current political and economic landscape, we continue to track toward our long-term goals and expectations outlined in our enterprise strategy," he said.
Oberhelman said the board decided to accelerate payment of the dividend, which is normally paid in the first quarter, because Congress and the White House have yet to reach agreement on tax policy.
"Because of the uncertainty about U.S. tax policy, we're acting in the interest of our stockholders. We estimate this action could save our stockholders around $30 million," Oberhelman said.
Caterpillar has paid higher dividends to its stockholders for 19 consecutive years, and since 1998 the company's cash dividend has more than tripled. Including the announcement today, Caterpillar has paid a cash dividend every year since the company was formed in 1925 and has paid a quarterly dividend since 1933.
