STOCK TITAN

Caterpillar Reports First-Quarter 2024 Results

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Caterpillar Inc. (NYSE: CAT) reported strong first-quarter 2024 results with sales and revenues of $15.8 billion. The company achieved a profit per share of $5.75 and adjusted profit per share of $5.60. Caterpillar deployed $5.1 billion for share repurchases and dividends, showcasing robust financial performance.
Caterpillar Inc. (NYSE: CAT) ha riportato eccellenti risultati per il primo trimestre del 2024, con vendite e ricavi di 15,8 miliardi di dollari. La società ha ottenuto un utile per azione di 5,75 dollari e un utile per azione aggiustato di 5,60 dollari. Caterpillar ha impiegato 5,1 miliardi di dollari in riacquisti di azioni e dividendi, dimostrando una solida performance finanziaria.
Caterpillar Inc. (NYSE: CAT) reportó resultados fuertes para el primer trimestre de 2024, con ventas e ingresos de $15.8 mil millones. La compañía logró una ganancia por acción de $5.75 y una ganancia ajustada por acción de $5.60. Caterpillar destinó $5.1 mil millones para recompras de acciones y dividendos, mostrando un sólido desempeño financiero.
캐터필라 Inc. (NYSE: CAT)는 2024년 첫 분기에 매출과 수익이 158억 달러를 기록하며 강력한 실적을 보고했습니다. 회사는 주당 이익 5.75달러와 조정 주당 이익 5.60달러를 달성했습니다. 캐터필라는 주식 재매입 및 배당금으로 51억 달러를 배치하여 튼튼한 재무 성과를 보여줬습니다.
Caterpillar Inc. (NYSE: CAT) a annoncé d'excellents résultats pour le premier trimestre 2024, avec des ventes et revenus de 15,8 milliards de dollars. L'entreprise a réalisé un bénéfice par action de 5,75 dollars et un bénéfice ajusté par action de 5,60 dollars. Caterpillar a déployé 5,1 milliards de dollars pour le rachat d'actions et les dividendes, démontrant une performance financière robuste.
Caterpillar Inc. (NYSE: CAT) meldete starke Ergebnisse für das erste Quartal 2024 mit einem Umsatz und Erträgen von 15,8 Milliarden Dollar. Das Unternehmen erzielte einen Gewinn pro Aktie von $5,75 und einen bereinigten Gewinn pro Aktie von $5,60. Caterpillar setzte 5,1 Milliarden Dollar für Aktienrückkäufe und Dividenden ein, was eine robuste finanzielle Leistung zeigt.
Positive
  • Caterpillar achieved a profit per share of $5.75 in the first quarter of 2024, a significant increase from $3.74 in the same period last year.
  • Adjusted profit per share stood at $5.60, up from $4.91 in the first quarter of 2023.
  • The company's enterprise operating cash flow was $2.1 billion in the first quarter of 2024.
  • Caterpillar deployed $5.1 billion for share repurchases and dividends, reflecting a strong commitment to shareholder returns.
  • Sales and revenues for the first quarter of 2024 were $15.8 billion, slightly lower than the previous year's $15.9 billion.
  • Investors can refer to the reconciliation of GAAP to non-GAAP financial measures in the provided appendix for detailed financial information.
Negative
  • None.

Insights

Caterpillar Inc.'s first-quarter earnings reveal a notable increase in profit per share from $3.74 in 2023 to $5.75 in 2024, a substantial jump suggesting improved profitability or potentially effective cost management strategies. The adjusted profit per share also saw a rise, although at a slower pace, from $4.91 to $5.60, which may account for non-recurring items that provide a more normalized earnings view. The sales and revenues, however, show a slight decrease, from $15.9 billion to $15.8 billion year-over-year. This divergence between revenue and earnings growth could signal either a reduction in operating expenses or possibly a shift in product mix towards higher-margin offerings. The aggressive deployment of $5.1 billion towards share repurchases and dividends is a shareholder-friendly move, indicating a strong cash position and confidence in ongoing operations. However, it is also important for investors to consider that such substantial buybacks can artificially inflate per-share metrics and may not always be sustainable in the long term.

A closer examination of the machinery industry and Caterpillar's strategic positioning may shed light on the revenue dip in spite of the earnings surge. Caterpillar's slight revenue decline contrasts with industry trends where infrastructure projects and mining expansion might have been expected to bolster sales. This calls into question whether Caterpillar has faced supply chain challenges, pricing pressures, or competitive dynamics that restrained top-line growth. Additionally, the robust return of capital to shareholders through dividends and buybacks could reflect a lack of attractive investment opportunities to fuel future growth, which may concern long-term investors focused on the company's ability to innovate and expand its market share.
  • First-quarter 2024 profit per share of $5.75; adjusted profit per share of $5.60
  • Enterprise operating cash flow was $2.1 billion in the first quarter of 2024
  • Deployed $5.1 billion of cash for share repurchases and dividends in the first quarter


First Quarter

($ in billions except profit per share)


2024

2023

Sales and Revenues


$15.8

$15.9

Profit Per Share


$5.75

$3.74

Adjusted Profit Per Share


$5.60

$4.91





Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.

IRVING, Texas, April 25, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced first-quarter 2024 results. Sales and revenues for the first quarter of 2024 were $15.8 billion, about flat to the first quarter of 2023, due to lower sales volume, which was mostly offset by favorable price realization.

Operating profit margin was 22.3% for the first quarter of 2024, compared with 17.2% for the first quarter of 2023. Adjusted operating profit margin was 22.2% for the first quarter of 2024, compared with 21.1% for the first quarter of 2023. First-quarter 2024 profit per share was $5.75, compared with first-quarter 2023 profit per share of $3.74. Adjusted profit per share in the first quarter of 2024 was $5.60, compared with first-quarter 2023 adjusted profit per share of $4.91. In the first quarter of 2024 and 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring income/costs.

For the three months ended March 31, 2024, enterprise operating cash flow was $2.1 billion, and the company ended the first quarter with $5.0 billion of enterprise cash. In the quarter, the company deployed $4.5 billion of cash for repurchases of Caterpillar common stock and $0.6 billion of cash for dividends.

"I'm pleased with our team's performance that resulted in higher adjusted operating profit margin, record adjusted profit per share and strong ME&T free cash flow. Our strong balance sheet and ME&T free cash flow allowed us to deploy a record $5.1 billion of cash for share repurchases and dividends in the first quarter," said Chairman and CEO Jim Umpleby. "We continue to execute our strategy for long-term profitable growth."

CONSOLIDATED RESULTS

Consolidated Sales and Revenues

Consolidated Sales and Revenues Comparison
First Quarter 2024 vs. First Quarter 2023 

To access this chart, go to http://www.caterpillar.com/en/investors/quarterly-results.html for the downloadable version of Caterpillar First-Quarter 2024 earnings. 

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2023 (at left) and the first quarter of 2024 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's board of directors and employees.

Total sales and revenues for the first quarter of 2024 were $15.799 billion, a decrease of $63 million, or about flat, compared with $15.862 billion in the first quarter of 2023. Lower sales volume of $684 million and unfavorable currency impacts of $30 million, primarily related to the Australian dollar, were mostly offset by favorable price realization of $575 million and higher Financial Products' revenues of $76 million. The decrease in sales volume was primarily driven by lower sales of equipment to end users; there was not a significant impact from changes in dealer inventories.

In the three primary segments, sales were higher in Energy & Transportation and lower in Construction Industries and Resource Industries.

Sales and Revenues by Segment

(Millions of dollars)

First
Quarter
2023


Sales

Volume


Price

Realization


Currency


Inter-
Segment /
Other


First
Quarter
2024


$

Change


%

Change

















Construction Industries

$        6,746


$         (464)


$           199


$           (22)


$           (35)


$        6,424


$         (322)


(5 %)

Resource Industries

3,427


(425)


173


(11)


29


3,193


(234)


(7 %)

Energy & Transportation

6,254


231


202


(1)


(5)


6,681


427


7 %

All Other Segment

111


(1)




(1)


109


(2)


(2 %)

Corporate Items and Eliminations

(1,439)


(25)


1


4


12


(1,447)


(8)



Machinery, Energy & Transportation

15,099


(684)


575


(30)



14,960


(139)


(1 %)

















Financial Products Segment

902





89


991


89


10 %

Corporate Items and Eliminations

(139)





(13)


(152)


(13)



Financial Products Revenues

763





76


839


76


10 %

















Consolidated Sales and Revenues

$       15,862


$         (684)


$           575


$           (30)


$            76


$       15,799


$           (63)


— %


















Sales and Revenues by Geographic Region


North America


Latin America


EAME


Asia/Pacific


External Sales
and Revenues


Inter-Segment


Total Sales
and Revenues

(Millions of dollars)

$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg


$


% Chg

First Quarter 2024




























Construction Industries

$   3,833


6 %


$     595


(1 %)


$     996


(25 %)


$     993


(14 %)


$   6,417


(4 %)


$         7


(83 %)


$   6,424


(5 %)

Resource Industries

1,264


(3 %)


476


— %


465


(22 %)


891


(9 %)


3,096


(8 %)


97


43 %


3,193


(7 %)

Energy & Transportation

2,951


15 %


408


7 %


1,294


(7 %)


834


16 %


5,487


9 %


1,194


— %


6,681


7 %

All Other Segment

18


— %


(1)


— %


4


— %


13


— %


34


(3 %)


75


(1 %)


109


(2 %)

Corporate Items and Eliminations

(58)




(2)




(11)




(3)




(74)




(1,373)




(1,447)



Machinery, Energy & Transportation

8,008


7 %


1,476


2 %


2,748


(17 %)


2,728


(5 %)


14,960


(1 %)



— %


14,960


(1 %)





























Financial Products Segment

659


15 %


101


(3 %)


123


8 %


108


(1 %)


991


10 %



— %


991


10 %

Corporate Items and Eliminations

(94)




(18)




(19)




(21)




(152)







(152)



Financial Products Revenues

565


15 %


83


(3 %)


104


8 %


87


(2 %)


839


10 %



— %


839


10 %





























Consolidated Sales and Revenues

$   8,573


8 %


$   1,559


1 %


$   2,852


(17 %)


$   2,815


(5 %)


$ 15,799


— %


$        —


— %


$ 15,799


— %





























First Quarter 2023




























Construction Industries

$   3,608




$     599




$   1,336




$   1,161




$   6,704




$       42




$   6,746



Resource Industries

1,308




474




599




978




3,359




68




3,427



Energy & Transportation

2,572




380




1,384




719




5,055




1,199




6,254



All Other Segment

18







4




13




35




76




111



Corporate Items and Eliminations

(48)







(1)




(5)




(54)




(1,385)




(1,439)



Machinery, Energy & Transportation

7,458




1,453




3,322




2,866




15,099







15,099































Financial Products Segment

575




104




114




109




902







902



Corporate Items and Eliminations

(83)




(18)




(18)




(20)




(139)







(139)



Financial Products Revenues

492




86




96




89




763







763































Consolidated Sales and Revenues

$   7,950




$   1,539




$   3,418




$   2,955




$ 15,862




$        —




$ 15,862































Consolidated Operating Profit

Consolidated Operating Profit Comparison
First Quarter 2024 vs. First Quarter 2023

To access this chart, go to http://www.caterpillar.com/en/investors/quarterly-results.html for the downloadable version of Caterpillar First-Quarter 2024 earnings. 

The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2023 (at left) and the first quarter of 2024 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's board of directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation's other operating (income) expenses.

Operating profit for the first quarter of 2024 was $3.519 billion, an increase of $788 million, or 29%, compared with $2.731 billion in the first quarter of 2023. The increase was primarily due to the absence of the impact of the divestiture of the company's Longwall business in 2023 of $586 million and favorable price realization of $575 million, partially offset by the profit impact of lower sales volume of $268 million.

Profit (Loss) by Segment

(Millions of dollars)

First Quarter
2024


First Quarter
2023


$

Change


%

 Change

Construction Industries

$                 1,764


$                 1,790


$                    (26)


(1 %)

Resource Industries

730


764


(34)


(4 %)

Energy & Transportation

1,301


1,057


244


23 %

All Other Segment

24


11


13


118 %

Corporate Items and Eliminations

(415)


(1,008)


593



Machinery, Energy & Transportation

3,404


2,614


790


30 %









Financial Products Segment

293


232


61


26 %

Corporate Items and Eliminations

(25)


25


(50)



Financial Products

268


257


11


4 %









Consolidating Adjustments

(153)


(140)


(13)











Consolidated Operating Profit

$                 3,519


$                 2,731


$                    788


29 %









Other Profit/Loss and Tax Items 

  • Other income (expense) in the first quarter of 2024 was income of $156 million, compared with income of $32 million in the first quarter of 2023. The change was primarily driven by favorable impacts from foreign currency exchange.

  • The effective tax rate for the first quarter of 2024 was 19.5% compared to 26.9% for the first quarter of 2023. Excluding the discrete items discussed below, the first quarter 2024 estimated annual tax rate was 22.5% compared with 23.0% for the first quarter of 2023.

    The 2024 estimated annual tax rate excludes the impact of nontaxable gains of $64 million for the divestiture of a non-U.S. mining entity along with a related tax benefit of $54 million. The estimated annual tax rate in the first quarter of 2023 excluded the impact of the nondeductible loss of $586 million related to the divestiture of the company's Longwall business. In addition, a discrete tax benefit of $38 million was recorded in the first quarter of 2024, compared with a $32 million benefit in the first quarter of 2023, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.

    Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.

CONSTRUCTION INDUSTRIES

(Millions of dollars)

















Segment Sales

















First Quarter
2023


Sales
Volume


Price
Realization


Currency


Inter-
Segment


First Quarter
2024


$

 Change


%

 Change

Total Sales


$       6,746


$         (464)


$        199


$          (22)


$             (35)


$          6,424


$     (322)


(5 %)


















Sales by Geographic Region











First Quarter
2024


First Quarter
2023


$

Change


%

Change









North America


$       3,833


$       3,608


$        225


6 %









Latin America


595


599


(4)


(1 %)









EAME


996


1,336


(340)


(25 %)









Asia/Pacific


993


1,161


(168)


(14 %)









External Sales


6,417


6,704


(287)


(4 %)









Inter-segment


7


42


(35)


(83 %)









Total Sales


$       6,424


$       6,746


$      (322)


(5 %)


























Segment Profit











First Quarter
2024


First Quarter
2023


 

Change


%

Change









Segment Profit


$       1,764


$       1,790


$        (26)


(1 %)









Segment Profit Margin


27.5 %


26.5 %


           1.0 pts  




























Construction Industries' total sales were $6.424 billion in the first quarter of 2024, a decrease of $322 million, or 5%, compared with $6.746 billion in the first quarter of 2023. The decrease was primarily due to lower sales volume of $464 million, partially offset by favorable price realization of $199 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

  • In North America, sales increased primarily due to favorable price realization.
  • Sales in Latin America were about flat.
  • In EAME, sales decreased mainly due to lower sales volume. Lower sales volume was primarily driven by lower sales of equipment to end users.
  • Sales decreased in Asia/Pacific primarily due to lower sales volume. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased more during the first quarter of 2023 than during the first quarter of 2024.

Construction Industries' profit was $1.764 billion in the first quarter of 2024, a decrease of $26 million, or 1%, compared with $1.790 billion in the first quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $278 million, higher selling, general and administrative (SG&A) and research and development (R&D) expenses of $26 million and other unfavorable segment items of $7 million, partially offset by favorable price realization of $199 million and favorable manufacturing costs of $86 million. Favorable manufacturing costs largely reflected lower freight.

RESOURCE INDUSTRIES

(Millions of dollars)

















Segment Sales

















First Quarter
2023


Sales
Volume


Price
Realization


Currency


Inter-
Segment


First Quarter
2024


$

 Change


%

 Change

Total Sales


$       3,427


$         (425)


$        173


$          (11)


$               29


$          3,193


$     (234)


(7 %)


















Sales by Geographic Region











First Quarter
2024


First Quarter
2023


$

Change


%

Change









North America


$       1,264


$       1,308


$        (44)


(3 %)









Latin America


476


474


2


— %









EAME


465


599


(134)


(22 %)









Asia/Pacific


891


978


(87)


(9 %)









External Sales


3,096


3,359


(263)


(8 %)









Inter-segment


97


68


29


43 %









Total Sales


$       3,193


$       3,427


$      (234)


(7 %)


























Segment Profit











First Quarter
2024


First Quarter
2023


 

Change


%

Change









Segment Profit


$          730


$          764


$        (34)


(4 %)









Segment Profit Margin


22.9 %


22.3 %


           0.6 pts 




























Resource Industries' total sales were $3.193 billion in the first quarter of 2024, a decrease of $234 million, or 7%, compared with $3.427 billion in the first quarter of 2023. The decrease was primarily due to lower sales volume of $425 million, partially offset by favorable price realization of $173 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

Resource Industries' profit was $730 million in the first quarter of 2024, a decrease of $34 million, or 4%, compared with $764 million in the first quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $217 million and other unfavorable segment items of $24 million, partially offset by favorable price realization of $173 million and favorable manufacturing costs of $38 million. Other unfavorable segment items primarily consisted of unfavorable currency impacts. Favorable manufacturing costs largely reflected lower freight.

ENERGY & TRANSPORTATION

(Millions of dollars)

















Segment Sales

















First Quarter
2023


Sales
Volume


Price
Realization


Currency


Inter-
Segment


First Quarter
2024


$

 Change


%

 Change

Total Sales


$       6,254


$          231


$        202


$            (1)


$               (5)


$          6,681


$      427


7 %


















Sales by Application











First Quarter
2024


First Quarter
2023


$

Change


%

Change









Oil and Gas


$       1,568


$       1,314


$        254


19 %









Power Generation


1,618


1,284


334


26 %









Industrial


989


1,255


(266)


(21 %)









Transportation


1,312


1,202


110


9 %









External Sales


5,487


5,055


432


9 %









Inter-segment


1,194


1,199


(5)


— %









Total Sales


$       6,681


$       6,254


$        427


7 %


























Segment Profit











First Quarter
2024


First Quarter
2023


 

Change


%

Change









Segment Profit


$       1,301


$       1,057


$        244


23 %









Segment Profit Margin


19.5 %


16.9 %


           2.6 pts  




























Energy & Transportation's total sales were $6.681 billion in the first quarter of 2024, an increase of $427 million, or 7%, compared with $6.254 billion in the first quarter of 2023. Sales increased across all applications except Industrial. The increase in sales was primarily due to higher sales volume of $231 million and favorable price realization of $202 million.

  • Oil and Gas – Sales increased for turbines and turbine-related services. Sales also increased in reciprocating engines used in gas compression applications.
  • Power Generation – Sales increased in large reciprocating engines, primarily data center applications.
  • Industrial – Sales decreased primarily in EAME and North America.
  • Transportation – Sales increased in rail services. International locomotive deliveries were also higher.

Energy & Transportation's profit was $1.301 billion in the first quarter of 2024, an increase of $244 million, or 23%, compared with $1.057 billion in the first quarter of 2023. The increase was mainly due to favorable price realization of $202 million.

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

















Revenues by Geographic Region











First Quarter
2024


First Quarter
2023


$

Change


%

Change









North America


$             659


$             575


$               84


15 %









Latin America


101


104


(3)


(3 %)









EAME


123


114


9


8 %









Asia/Pacific


108


109


(1)


(1 %)









Total Revenues


$             991


$             902


$               89


10 %


























Segment Profit











First Quarter
2024


First Quarter
2023


 

Change


%

Change









Segment Profit


$             293


$             232


$               61


26 %


























Financial Products' segment revenues were $991 million in the first quarter of 2024, an increase of $89 million, or 10%, compared with $902 million in the first quarter of 2023. The increase was primarily due to a $69 million favorable impact from higher average financing rates across all regions and a $32 million favorable impact from higher average earning assets driven by North America.

Financial Products' segment profit was $293 million in the first quarter of 2024, an increase of $61 million, or 26%, compared with $232 million in the first quarter of 2023. The increase was mainly due to a $33 million insurance settlement and a $27 million favorable impact from equity securities.

At the end of the first quarter of 2024, past dues at Cat Financial were 1.78%, compared with 2.00% at the end of the first quarter of 2023. Write-offs, net of recoveries, were $55 million for the first quarter of 2024, compared with $10 million for the first quarter of 2023. As of March 31, 2024, Cat Financial's allowance for credit losses totaled $281 million, or 1.01% of finance receivables, compared with $331 million, or 1.18% of finance receivables at December 31, 2023.

Corporate Items and Eliminations

Expense for corporate items and eliminations was $440 million in the first quarter of 2024, a decrease of $543 million from the first quarter of 2023, primarily driven by the absence of the impact of the divestiture of the company's Longwall business in 2023.

Notes

i.  Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.
ii.  Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, April 25, 2024.
iii.  Information on non-GAAP financial measures is included in the appendix on pages 12 and 13.
iv.  Some amounts within this report are rounded to the millions or billions and may not add.
v.  Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, April 25, 2024, to discuss its 2024 first-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx

About Caterpillar

With 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html

Caterpillar's latest financial results are also available online:

https://investors.caterpillar.com/overview/default.aspx

https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)

Forward-Looking Statements

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

APPENDIX

NON-GAAP FINANCIAL MEASURES

The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

The company believes it is important to separately quantify the profit impact of three significant items in order for the company's results to be meaningful to readers. These items consist of (i) restructuring income related to the divestiture of a non-US mining entity, (ii) other restructuring income/costs and (iii) restructuring costs related to the divestiture of the company's Longwall business in 2023. The company does not consider these items indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2024, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.

Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:

(Dollars in millions except per share data)


Operating
Profit


Operating
Profit
Margin


Profit
Before
Taxes


Provision
(Benefit) for
Income
Taxes



Profit


Profit per
Share















Three Months Ended March 31, 2024 - U.S. GAAP


$           3,519


22.3 %


$           3,532


$             688



$           2,856


$            5.75

Restructuring (income) - non-US mining entity divestiture


(64)


(0.5) %


(64)


54



(118)


(0.24)

Other restructuring (income) costs


58


0.4 %


58


14



44


0.09

Three Months Ended March 31, 2024 - Adjusted


$           3,513


22.2 %


$           3,526


$             756



$           2,782


$            5.60















Three Months Ended March 31, 2023 - U.S. GAAP


$           2,731


17.2 %


$           2,634


$             708



$           1,943


$            3.74

Restructuring costs - Longwall divestiture


586


3.7 %


586




586


1.13

Other restructuring (income) costs


25


0.2 %


25


5



20


0.04

Three Months Ended March 31, 2023 - Adjusted


$           3,342


21.1 %


$           3,245


$             713



$           2,549


$            4.91















The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to readers. The annual effective tax rate, excluding discrete items for the three months ended March 31, 2024, and 2023 is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. These items consist of (i) restructuring income related to the divestiture of a non-US mining entity, (ii) restructuring costs related to the divestiture of the company's Longwall business in 2023 and (iii) settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company believes the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.

A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below:

(Dollars in millions)


Profit Before
Taxes


Provision
(Benefit) for
Income Taxes


Effective Tax
Rate








Three Months Ended March 31, 2024 - U.S. GAAP


$           3,532


$             688


19.5 %

Restructuring (income) - non-US mining entity divestiture


(64)


54



Excess stock-based compensation



38



Annual effective tax rate, excluding discrete items


$           3,468


$             780


22.5 %








Excess stock-based compensation



(38)



Other restructuring (income) costs


58


14










Three Months Ended March 31, 2024 - Adjusted


$           3,526


$             756




Three Months Ended March 31, 2023 - U.S. GAAP


$           2,634


$             708


26.9 %

Restructuring costs - Longwall divestiture


586




Excess stock-based compensation



32



Annual effective tax rate, excluding discrete items


$           3,220


$             740


23.0 %








Excess stock-based compensation



(32)



Other restructuring (income) costs


25


5










Three Months Ended March 31, 2023 - Adjusted


$           3,245


$             713



Supplemental Consolidating Data

The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:

Consolidated – Caterpillar Inc. and its subsidiaries.

Machinery, Energy & Transportation (ME&T) – The company defines ME&T as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T's information relates to the design, manufacturing and marketing of its products.

Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

Consolidating Adjustments – Eliminations of transactions between ME&T and Financial Products.

The nature of the ME&T and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.

Pages 15 to 23 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

 

Caterpillar Inc.

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)



Three Months Ended March 31,


2024


2023

Sales and revenues:




Sales of Machinery, Energy & Transportation

$       14,960


$      15,099

Revenues of Financial Products

839


763

Total sales and revenues

15,799


15,862





Operating costs:




Cost of goods sold

9,662


10,103

Selling, general and administrative expenses

1,577


1,463

Research and development expenses

520


472

Interest expense of Financial Products

298


217

Other operating (income) expenses

223


876

Total operating costs

12,280


13,131





Operating profit

3,519


2,731





Interest expense excluding Financial Products

143


129

Other income (expense)

156


32





Consolidated profit before taxes

3,532


2,634





Provision (benefit) for income taxes

688


708

Profit of consolidated companies

2,844


1,926





Equity in profit (loss) of unconsolidated affiliated companies

10


16





Profit of consolidated and affiliated companies

2,854


1,942





Less: Profit (loss) attributable to noncontrolling interests

(2)


(1)





Profit 1

$         2,856


$        1,943









Profit per common share

$          5.78


$          3.76

Profit per common share — diluted 2

$          5.75


$          3.74





Weighted-average common shares outstanding (millions)




– Basic

493.9


516.2

– Diluted 2

496.9


519.4






1

Profit attributable to common shareholders.

2

Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

 

Caterpillar Inc.

Condensed Consolidated Statement of Financial Position

(Unaudited)

(Millions of dollars)


March 31,
2024


December 31,
2023

Assets




Current assets:




Cash and cash equivalents

$                     4,959


$                     6,978

Receivables – trade and other

9,296


9,310

Receivables – finance

9,446


9,510

Prepaid expenses and other current assets

3,010


4,586

Inventories

16,953


16,565

Total current assets

43,664


46,949





Property, plant and equipment – net

12,538


12,680

Long-term receivables – trade and other

1,200


1,238

Long-term receivables – finance

12,531


12,664

Noncurrent deferred and refundable income taxes

2,860


2,816

Intangible assets

516


564

Goodwill

5,277


5,308

Other assets

5,155


5,257

Total assets

$                   83,741


$                   87,476





Liabilities




Current liabilities:




Short-term borrowings:




-- Machinery, Energy & Transportation

$                           —


$                           —

-- Financial Products

3,568


4,643

Accounts payable

7,778


7,906

Accrued expenses

4,821


4,958

Accrued wages, salaries and employee benefits

1,291


2,757

Customer advances

2,194


1,929

Dividends payable


649

Other current liabilities

3,265


3,123

Long-term debt due within one year:




-- Machinery, Energy & Transportation

1,045


1,044

-- Financial Products

8,409


7,719

Total current liabilities

32,371


34,728





Long-term debt due after one year:




-- Machinery, Energy & Transportation

8,539


8,579

-- Financial Products

16,292


15,893

Liability for postemployment benefits

4,068


4,098

Other liabilities

4,826


4,675

Total liabilities

66,096


67,973





Shareholders' equity




Common stock

5,663


6,403

Treasury stock

(40,039)


(36,339)

Profit employed in the business

54,108


51,250

Accumulated other comprehensive income (loss)

(2,093)


(1,820)

Noncontrolling interests

6


9

Total shareholders' equity

17,645


19,503

Total liabilities and shareholders' equity                          

$                   83,741


$                   87,476

 

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited)

(Millions of dollars)



Three Months Ended
March 31,


2024


2023

Cash flow from operating activities:




Profit of consolidated and affiliated companies

$              2,854


$              1,942

Adjustments to reconcile profit to net cash provided by operating activities:




Depreciation and amortization

524


532

Provision (benefit) for deferred income taxes

(54)


(191)

(Gain) loss on divestiture

(64)


572

Other

(5)


117

Changes in assets and liabilities, net of acquisitions and divestitures:




Receivables – trade and other

(81)


(329)

Inventories

(439)


(1,403)

Accounts payable

203


477

Accrued expenses

(38)


38

Accrued wages, salaries and employee benefits

(1,454)


(950)

Customer advances

279


365

Other assets – net

60


107

Other liabilities – net

267


296

Net cash provided by (used for) operating activities

2,052


1,573

Cash flow from investing activities:




Capital expenditures – excluding equipment leased to others

(500)


(422)

Expenditures for equipment leased to others

(236)


(328)

Proceeds from disposals of leased assets and property, plant and equipment

155


184

Additions to finance receivables

(3,256)


(3,020)

Collections of finance receivables

3,140


3,169

Proceeds from sale of finance receivables

13


24

Investments and acquisitions (net of cash acquired)


(5)

Proceeds from sale of businesses and investments (net of cash sold)

42


(14)

Proceeds from maturities and sale of securities

1,867


239

Investments in securities

(275)


(536)

Other – net

8


26

Net cash provided by (used for) investing activities

958


(683)

Cash flow from financing activities:




Dividends paid

(648)


(620)

Common stock issued, including treasury shares reissued

(8)


(25)

Common shares repurchased

(4,455)


(400)

Proceeds from debt issued (original maturities greater than three months)

2,731


1,517

Payments on debt (original maturities greater than three months)

(1,570)


(1,475)

Short-term borrowings – net (original maturities three months or less)

(1,050)


(103)

Net cash provided by (used for) financing activities

(5,000)


(1,106)

Effect of exchange rate changes on cash

(30)


(1)

Increase (decrease) in cash, cash equivalents and restricted cash

(2,020)


(217)

Cash, cash equivalents and restricted cash at beginning of period

6,985


7,013

Cash, cash equivalents and restricted cash at end of period

$              4,965


$              6,796


Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less

 

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2024

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$          14,960


$                14,960


$                —


$                 —


Revenues of Financial Products

839



1,029


(190)

1

Total sales and revenues

15,799


14,960


1,029


(190)











Operating costs:









Cost of goods sold

9,662


9,664



(2)

2

Selling, general and administrative expenses

1,577


1,413


178


(14)

2

Research and development expenses

520


520




Interest expense of Financial Products

298



298



Other operating (income) expenses

223


(41)


285


(21)

2

Total operating costs

12,280


11,556


761


(37)











Operating profit

3,519


3,404


268


(153)











Interest expense excluding Financial Products

143


143




Other income (expense)

156


(20)


23


153

3










Consolidated profit before taxes

3,532


3,241


291












Provision (benefit) for income taxes

688


615


73



Profit of consolidated companies

2,844


2,626


218












Equity in profit (loss) of unconsolidated affiliated companies

10


10













Profit of consolidated and affiliated companies

2,854


2,636


218












Less: Profit (loss) attributable to noncontrolling interests

(2)


(3)


1












Profit 4

$            2,856


$                  2,639


$              217


$                 —



1

Elimination of Financial Products' revenues earned from ME&T.

2

Elimination of net expenses recorded between ME&T and Financial Products.

3

Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4

Profit attributable to common shareholders.

 

Caterpillar Inc.

Supplemental Data for Results of Operations

For the Three Months Ended March 31, 2023

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Sales and revenues:









Sales of Machinery, Energy & Transportation

$          15,099


$                15,099


$                —


$                 —


Revenues of Financial Products

763



935


(172)

1

Total sales and revenues

15,862


15,099


935


(172)











Operating costs:









Cost of goods sold

10,103


10,104



(1)

2

Selling, general and administrative expenses

1,463


1,320


158


(15)

2

Research and development expenses

472


472




Interest expense of Financial Products

217



217



Other operating (income) expenses

876


589


303


(16)

2

Total operating costs

13,131


12,485


678


(32)











Operating profit

2,731


2,614


257


(140)











Interest expense excluding Financial Products

129


129




Other income (expense)

32


(14)


(19)


65

3










Consolidated profit before taxes

2,634


2,471


238


(75)











Provision (benefit) for income taxes

708


648


60



Profit of consolidated companies

1,926


1,823


178


(75)











Equity in profit (loss) of unconsolidated affiliated companies

16


19



(3)

4










Profit of consolidated and affiliated companies

1,942


1,842


178


(78)











Less: Profit (loss) attributable to noncontrolling interests

(1)



2


(3)

5










Profit 6

$            1,943


$                  1,842


$              176


$                (75)



1

Elimination of Financial Products' revenues earned from ME&T.

2

Elimination of net expenses recorded by ME&T paid to Financial Products.

3

Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4

Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

5

Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6

Profit attributable to common shareholders.

 

Caterpillar Inc.

Supplemental Data for Financial Position

At March 31, 2024

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and cash equivalents

$             4,959


$                 3,963


$               996


$                 —


Receivables – trade and other

9,296


3,814


658


4,824

1,2

Receivables – finance

9,446



14,509


(5,063)

2

Prepaid expenses and other current assets

3,010


2,665


379


(34)

3

Inventories

16,953


16,953




Total current assets

43,664


27,395


16,542


(273)











Property, plant and equipment – net

12,538


8,647


3,891



Long-term receivables – trade and other

1,200


538


57


605

1,2

Long-term receivables – finance

12,531



13,191


(660)

2

Noncurrent deferred and refundable income taxes

2,860


3,382


138


(660)

4

Intangible assets

516


516




Goodwill

5,277


5,277




Other assets

5,155


4,081


2,117


(1,043)

5

Total assets

$           83,741


$               49,836


$           35,936


$            (2,031)











Liabilities









Current liabilities:









Short-term borrowings

$             3,568


$                     —


$             3,568


$                 —


Accounts payable

7,778


7,699


337


(258)

6,7

Accrued expenses

4,821


4,287


534



Accrued wages, salaries and employee benefits

1,291


1,262


29



Customer advances

2,194


2,173


2


19

7

Other current liabilities

3,265


2,601


725


(61)

4,8

Long-term debt due within one year

9,454


1,045


8,409



Total current liabilities

32,371


19,067


13,604


(300)











Long-term debt due after one year

24,831


8,594


16,292


(55)

9

Liability for postemployment benefits

4,068


4,068




Other liabilities

4,826


3,979


1,553


(706)

4

Total liabilities

66,096


35,708


31,449


(1,061)











Shareholders' equity









Common stock

5,663


5,663


905


(905)

10

Treasury stock

(40,039)


(40,039)




Profit employed in the business

54,108


49,422


4,674


12

10

Accumulated other comprehensive income (loss)

(2,093)


(926)


(1,167)



Noncontrolling interests

6


8


75


(77)

10

Total shareholders' equity

17,645


14,128


4,487


(970)


Total liabilities and shareholders' equity

$           83,741


$               49,836


$           35,936


$            (2,031)



1

Elimination of receivables between ME&T and Financial Products.

2

Reclassification of ME&T's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

3

Elimination of ME&T's insurance premiums that are prepaid to Financial Products.

4

Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5

Elimination of other intercompany assets between ME&T and Financial Products.

6

Elimination of payables between ME&T and Financial Products.

7

Reclassification of Financial Products' payables to accrued expenses or customer advances.

8

Elimination of prepaid insurance in Financial Products' other liabilities.

9

Elimination of debt between ME&T and Financial Products.

10

Eliminations associated with ME&T's investments in Financial Products' subsidiaries.

 

Caterpillar Inc.

Supplemental Data for Financial Position

At December 31, 2023

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,

Energy &

Transportation


Financial

Products


Consolidating

Adjustments


Assets









Current assets:









Cash and cash equivalents

$             6,978


$              6,106


$               872


$                   —


Receivables – trade and other

9,310


3,971


570


4,769

1,2

Receivables – finance

9,510



14,499


(4,989)

2

Prepaid expenses and other current assets

4,586


4,327


341


(82)

3

Inventories

16,565


16,565




Total current assets

46,949


30,969


16,282


(302)











Property, plant and equipment – net

12,680


8,694


3,986



Long-term receivables – trade and other

1,238


565


85


588

1,2

Long-term receivables – finance

12,664



13,299


(635)

2

Noncurrent deferred and refundable income taxes

2,816


3,360


148


(692)

4

Intangible assets

564


564




Goodwill

5,308


5,308




Other assets

5,257


4,218


2,082


(1,043)

5

Total assets

$           87,476


$             53,678


$           35,882


$             (2,084)











Liabilities









Current liabilities:









Short-term borrowings

$             4,643


$                   —


$            4,643


$                   —


Accounts payable

7,906


7,827


314


(235)

6,7

Accrued expenses

4,958


4,361


597



Accrued wages, salaries and employee benefits

2,757


2,696


61



Customer advances

1,929


1,912


2


15

7

Dividends payable

649


649




Other current liabilities

3,123


2,583


647


(107)

4,8

Long-term debt due within one year

8,763


1,044


7,719



Total current liabilities

34,728


21,072


13,983


(327)











Long-term debt due after one year

24,472


8,626


15,893


(47)

9

Liability for postemployment benefits

4,098


4,098




Other liabilities

4,675


3,806


1,607


(738)

4

Total liabilities

67,973


37,602


31,483


(1,112)











Shareholders' equity









Common stock

6,403


6,403


905


(905)

10

Treasury stock

(36,339)


(36,339)




Profit employed in the business

51,250


46,783


4,457


10

10

Accumulated other comprehensive income (loss)

(1,820)


(783)


(1,037)



Noncontrolling interests

9


12


74


(77)

10

Total shareholders' equity

19,503


16,076


4,399


(972)


Total liabilities and shareholders' equity

$           87,476


$             53,678


$           35,882


$             (2,084)



1

Elimination of receivables between ME&T and Financial Products.

2

Reclassification of ME&T's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

3

Elimination of ME&T's insurance premiums that are prepaid to Financial Products.

4

Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5

Elimination of other intercompany assets between ME&T and Financial Products.

6

Elimination of payables between ME&T and Financial Products.

7

Reclassification of Financial Products' payables to accrued expenses or customer advances.

8

Elimination of prepaid insurance in Financial Products' other liabilities.

9

Elimination of debt between ME&T and Financial Products.

10

Eliminations associated with ME&T's investments in Financial Products' subsidiaries.

 

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Three Months Ended March 31, 2024

(Unaudited)

(Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Cash flow from operating activities:









Profit of consolidated and affiliated companies

$              2,854


$              2,636


$                218


$                  —


Adjustments to reconcile profit to net cash provided by operating activities:









Depreciation and amortization

524


328


196



Provision (benefit) for deferred income taxes

(54)


(23)


(31)



(Gain) loss on divestiture

(64)


(64)




Other

(5)


(16)


(120)


131

1

Changes in assets and liabilities, net of acquisitions and divestitures:









Receivables – trade and other

(81)


111


(40)


(152)

1,2

Inventories

(439)


(434)



(5)

1

Accounts payable

203


179


30


(6)

1

Accrued expenses

(38)


(47)


9



Accrued wages, salaries and employee benefits

(1,454)


(1,422)


(32)



Customer advances

279


279




Other assets – net

60


102


3


(45)

1

Other liabilities – net

267


142


75


50

1

Net cash provided by (used for) operating activities

2,052


1,771


308


(27)


Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(500)


(493)


(8)


1

1

Expenditures for equipment leased to others

(236)


(9)


(233)


6

1

Proceeds from disposals of leased assets and property, plant and equipment

155


5


152


(2)

1

Additions to finance receivables

(3,256)



(3,573)


317

2

Collections of finance receivables

3,140



3,572


(432)

2

Net intercompany purchased receivables



(137)


137

2

Proceeds from sale of finance receivables

13



13



Net intercompany borrowings



3


(3)

3

Investments and acquisitions (net of cash acquired)





Proceeds from sale of businesses and investments (net of cash sold)

42


42




Proceeds from maturities and sale of securities

1,867


1,797


70



Investments in securities

(275)


(148)


(127)



Other – net

8


31


(23)



Net cash provided by (used for) investing activities

958


1,225


(291)


24


Cash flow from financing activities:









Dividends paid

(648)


(648)




Common stock issued, including treasury shares reissued

(8)


(8)




Common shares repurchased

(4,455)


(4,455)




Net intercompany borrowings


(3)



3

3

Proceeds from debt issued > 90 days

2,731



2,731



Payments on debt > 90 days

(1,570)


(6)


(1,564)



Short-term borrowings – net < 90 days

(1,050)



(1,050)



Net cash provided by (used for) financing activities

(5,000)


(5,120)


117


3


Effect of exchange rate changes on cash

(30)


(20)


(10)



Increase (decrease) in cash, cash equivalents and restricted cash

(2,020)


(2,144)


124



Cash, cash equivalents and restricted cash at beginning of period

6,985


6,111


874



Cash, cash equivalents and restricted cash at end of period

$              4,965


$              3,967


$                998


$                  —



1

Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

2

Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

3

Elimination of net proceeds and payments to/from ME&T and Financial Products.

 

Caterpillar Inc.

Supplemental Data for Cash Flow

For the Three Months Ended March 31, 2023

(Unaudited)

 (Millions of dollars)





Supplemental Consolidating Data



Consolidated


Machinery,
Energy &
Transportation


Financial

Products


Consolidating

Adjustments


Cash flow from operating activities:









Profit of consolidated and affiliated companies

$              1,942


$              1,842


$                178


$                 (78)

1,5

Adjustments to reconcile profit to net cash provided by operating activities:









Depreciation and amortization

532


342


190



Provision (benefit) for deferred income taxes

(191)


(169)


(22)



(Gain) loss on divestiture

572


572




Other

117


124


(143)


136

2

Changes in assets and liabilities, net of acquisitions and divestitures:









Receivables – trade and other

(329)


205


14


(548)

2,3

Inventories

(1,403)


(1,402)



(1)

2

Accounts payable

477


465


34


(22)

2

Accrued expenses

38


6


32



Accrued wages, salaries and employee benefits

(950)


(928)


(22)



Customer advances

365


365




Other assets – net

107


223


4


(120)

2

Other liabilities – net

296


134


37


125

2

Net cash provided by (used for) operating activities

1,573


1,779


302


(508)


Cash flow from investing activities:









Capital expenditures – excluding equipment leased to others

(422)


(414)


(9)


1

2

Expenditures for equipment leased to others

(328)



(330)


2

2

Proceeds from disposals of leased assets and property, plant and equipment

184


7


179


(2)

2

Additions to finance receivables

(3,020)



(3,462)


442

3

Collections of finance receivables

3,169



3,437


(268)

3

Net intercompany purchased receivables



(258)


258

3

Proceeds from sale of finance receivables

24



24



Net intercompany borrowings



2


(2)

4

Investments and acquisitions (net of cash acquired)

(5)


(5)




Proceeds from sale of businesses and investments (net of cash sold)

(14)


(14)




Proceeds from sale of securities

239


162


77



Investments in securities

(536)


(433)


(103)



Other – net

26


27


(1)



Net cash provided by (used for) investing activities

(683)


(670)


(444)


431


Cash flow from financing activities:









Dividends paid

(620)


(620)


(75)


75

5

Common stock issued, including treasury shares reissued

(25)


(25)




Common shares repurchased

(400)


(400)




Net intercompany borrowings


(2)



2

4

Proceeds from debt issued > 90 days

1,517



1,517



Payments on debt > 90 days

(1,475)


(90)


(1,385)



Short-term borrowings – net < 90 days

(103)


(3)


(100)



Net cash provided by (used for) financing activities

(1,106)


(1,140)


(43)


77


Effect of exchange rate changes on cash

(1)


4


(5)



Increase (decrease) in cash, cash equivalents and restricted cash

(217)


(27)


(190)



Cash, cash equivalents and restricted cash at beginning of period

7,013


6,049


964



Cash, cash equivalents and restricted cash at end of period

$              6,796


$              6,022


$                774


$                  —



1

Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

2

Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

3

Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

4

Elimination of net proceeds and payments to/from ME&T and Financial Products.

5

Elimination of dividend activity between Financial Products and ME&T.

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/caterpillar-reports-first-quarter-2024-results-302127381.html

SOURCE Caterpillar Inc.

FAQ

What were Caterpillar's profit per share and adjusted profit per share in the first quarter of 2024?

Caterpillar reported a profit per share of $5.75 and an adjusted profit per share of $5.60 in the first quarter of 2024.

How much cash did Caterpillar deploy for share repurchases and dividends in the first quarter of 2024?

Caterpillar deployed $5.1 billion for share repurchases and dividends in the first quarter of 2024.

What were Caterpillar's sales and revenues in the first quarter of 2024?

Caterpillar's sales and revenues for the first quarter of 2024 were $15.8 billion.

What was Caterpillar's enterprise operating cash flow in the first quarter of 2024?

Caterpillar's enterprise operating cash flow was $2.1 billion in the first quarter of 2024.

Where can investors find a reconciliation of GAAP to non-GAAP financial measures for Caterpillar?

Investors can refer to the reconciliation of GAAP to non-GAAP financial measures in the provided appendix on pages 12 and 13.

Caterpillar Inc.

NYSE:CAT

CAT Rankings

CAT Latest News

CAT Stock Data

185.62B
482.80M
0.21%
73.02%
2.44%
Farm & Heavy Construction Machinery
Construction Machinery & Equip
Link
United States of America
IRVING