Caterpillar votes to increase quarterly cash dividend by 17 percent

By WEEK Producer

June 11, 2014 Updated Jun 11, 2014 at 10:56 PM CDT

PEORIA, Ill. -- The Board of Directors of Caterpillar Inc. voted Wednesday to increase the quarterly cash dividend by 17 percent to seventy cents per share of common stock, payable August 20, 2014, to stockholders of record at the close of business on July 21, 2014.

"This dividend increase demonstrates our financial strength and confidence in long-term prospects for the company. Despite business and economic uncertainties around the world, our balance sheet has remained strong – the strongest it's been in more than two decades – positioning us to perform through the cycles,” said Caterpillar Chairman and CEO Doug Oberhelman.

“In addition, our global team has delivered solid operational and financial performance, enabling Caterpillar to return over $5.0 billion of capital to stockholders through stock buybacks and dividends since the beginning of 2013,"

Caterpillar has paid higher dividends to its stockholders for 20 consecutive years.

Since 1998, the company's cash dividend has more than tripled.