The Board of Directors of Caterpillar Inc. today declared a quarterly cash dividend of 42 cents per share of common stock, payable November 20, 2008, to stockholders of record at the close of business October 20. With this announcement, Caterpillar has completed its 75th year -- 300 consecutive quarters -- of paying dividends to stockholders.
"Since paying that first dividend three-quarters of a century ago in the midst of the great depression, Caterpillar has faced many challenging economic circumstances, including those facing the global economy today," said Caterpillar Chairman and Chief Executive Officer Jim Owens. "Based on Caterpillar's long-standing and conservative management philosophy, the company weathered those turbulent economic and financial conditions making dividend payments to our stockholders every quarter starting in 1933. Moving forward, Caterpillar is better positioned than ever before to build on this track record as we continue deploying our global business model to create value for our customers while rewarding our stockholders."
The 42-cent dividend maintains the dividend rate from the previous quarter and is 17 percent higher than the dividend paid one year ago. Including the announcement today, Caterpillar's cash dividend has nearly tripled since 1998.