Caterpillar Upgrades Dividend, Increases Share Repurchase Authorization to $21.8 Billion
By Adriano Marchese
Caterpillar has added $20 billion to its share repurchase authorization and increased its quarterly dividend by 8%.
The heavy equipment manufacturer said Wednesday the new addition to its share buyback authorization brings the total buyback to $21.8 billion worth of its common stock.
The company first launched the open-ended share repurchase plan in 2022 to return substantially all the free cash flow generated by the machinery, energy and transportation segment to shareholders over time.
Additionally, Caterpillar will raise its quarterly dividend by eleven cents to $1.41 a share, payable August 20, to shareholders of record at the close of business July 22.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
June 12, 2024 11:19 ET (15:19 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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