PEORIA, Ill. — The dividend rate for Caterpillar has been raised a penny. The company’s Board of Directors voted on the increase Wednesday. It takes the rate to 78-cents per share for stockholders of record by July 20.

“Our improved cost structure, strong balance sheet and solid cash flow make it possible for us to continue our long history of returning value to shareholders through our dividend,” said Caterpillar CEO Jim Umpleby.

The dividends will be payable August 19. This is the 23rd consecutive year the board voted for an increase.