Caterpillar Boosts Plan to Buy Back Shares and Raise Dividend

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At a press conference on Wednesday, Caterpillar said that company has increased its quarterly dividend and extended its share buyback plan. The corporation has said that it intends to distribute the majority of the free cash flow generated by its primary operation to its shareholders.
In a statement released on Wednesday, Caterpillar (CAT) said that company has increased its dividend and enlarged its stock buyback plan.

The producer of construction and mining equipment made an announcement about the addition of twenty billion dollars to the existing share buyback program that was initiated in 2022, bringing the total amount to twenty-eight and a half billion dollars. A time limit has not been set for the program.

In addition, the firm increased its quarterly dividend by 11 cents, bringing it up to $1.41. The dividend will be paid out on August 20 to shareholders who were registered as of the close of business on July 22.

Caterpillar is committed to continuing to return cash to investors.
According to Caterpillar, the firm anticipates that it will continue to return to investors a large amount of the free cash flow created by its Machinery, Energy, and Transportation (ME&T) activities. These operations are responsible for the majority of the company’s income, with the exception of the proceeds earned by its financial services unit.

Jim Umpleby, the CEO of the firm, said that the company continues to create “robust” free cash flow for ME&T “through the execution of our enterprise strategy for long-term profitable growth.”

As of Wednesday at three o’clock Eastern Time, shares of Caterpillar were trading at $329.03, representing a gain of around 0.5%. They have increased by around 11% since the beginning of the year.

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