Caterpillar raises dividend by 2 cents

AP News
Posted: Jun 08, 2011 1:08 PM
Caterpillar raises dividend by 2 cents

Heavy equipment maker Caterpillar Inc. is raising its quarterly dividend by 2 cents to 46 cents.

The dividend is payable on Aug. 20 to shareholders of record as of July 20.

The company also reaffirmed its outlook for the year. It continues to expect net income between $6.25 and $6.75 per share on revenue between $52 billion to $54 billion.

Analysts expect earnings excluding items of $6.98 per share on revenue of $53.23 billion, according to FactSet.

Caterpillar's results are a bellwether for the global economy because it sells the kind of kind of expensive, heavy machinery used for construction, mining and logging.

Caterpillar's shares fell $1.10 to $98.78 in midday trading.