Welcome to our dedicated page for Caterpillar news (Ticker: CAT), a resource for investors and traders seeking the latest updates and insights on Caterpillar stock.
Caterpillar Inc. (NYSE: CAT) is an American multinational corporation and the world's largest manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Ranked number 73 on the Fortune 500 list in 2018, Caterpillar has consistently demonstrated its industry leadership and resilience.
The company's operations are divided into four main segments: Construction Industries, Resource Industries, Energy & Transportation, and Cat Financial. Caterpillar's products are distributed worldwide through a robust dealer network of approximately 160 dealers operating about 2,700 branches globally. This network ensures the availability and serviceability of Caterpillar products, enhancing customer satisfaction and fostering long-term relationships.
Caterpillar's Construction Industries segment focuses on manufacturing and selling construction equipment such as backhoe loaders, compactors, and excavators. The Resource Industries segment is dedicated to heavy machinery used in mining and quarrying. The Energy & Transportation segment encompasses power generation, industrial and marine engines, and locomotives, while Cat Financial provides retail and wholesale financing solutions to customers and dealers, reinforcing the sales of Caterpillar products.
With 2023 sales and revenues amounting to $67.1 billion, Caterpillar reported significant financial performance, including record full-year sales, revenues, adjusted profit per share, and ME&T free cash flow. In the fourth quarter of 2023, the company achieved a 3% increase in sales and revenues to $17.1 billion, compared to $16.6 billion in the same period in 2022. The operating profit margin for this quarter was 18.4%, reflecting the company's strategic initiatives and efficiency improvements.
Caterpillar is committed to sustainability and innovation. The company is on a mission to build a better, more sustainable world, contributing to a reduced-carbon future. This commitment is reflected in their ongoing investment in research and development, aiming to produce energy-efficient and environmentally friendly machinery.
The company's latest financial results and performance updates can be accessed through their investor relations website and recent announcements. Caterpillar will continue to execute its strategy for long-term profitable growth, ensuring robust financial health and operational excellence.
For more information, visit the official Caterpillar website at caterpillar.com or follow their social media channels for the latest news and updates.
Caterpillar Inc. (NYSE: CAT) has announced the 2022-2023 Global Operator Challenge, inviting machine operators globally to showcase their skills across nearly 40 countries. This competition, larger than previous events, will feature local contests hosted by over 80 Cat dealers, culminating in a final round at CONEXPO-CON/AGG in Las Vegas in March 2023. Participants will compete on various Cat machinery, emphasizing efficiency and technology integration. The overall winner will receive an all-expense-paid trip to a Caterpillar facility.
Caterpillar Inc. (NYSE: CAT) announced that Union Pacific Railroad will purchase 10 battery-electric locomotives, marking the largest investment in this technology by a U.S. Class I railroad. These EMD Joule locomotives emit zero exhaust emissions and will undergo testing in California and Nebraska. The locomotives are slated for delivery in late 2023 through early 2024. Union Pacific aims to reach net zero emissions by 2050, supporting sustainability initiatives. Caterpillar's 2021 sales were $51.0 billion, highlighting its leadership in manufacturing construction and mining equipment.
Cat Financial reported $2.56 billion in revenues for 2021, a $12 million increase from 2020, with profits rising 72% to $505 million. Profit before taxes reached $695 million, a 60% increase. Retail new business volume also increased 22% to $13.10 billion. Past dues improved significantly to 1.95% from 3.49% in 2020, highlighting recovery across all segments. However, operating expenses rose $96 million, driven by higher compensation costs. The effective income tax rate decreased to 26% in 2021 from 29% in 2020.
Caterpillar reported a strong performance in Q4 2021, with sales and revenues rising 23% to $13.8 billion compared to Q4 2020. Full-year revenues grew by 22% to $51.0 billion. Fourth-quarter profit per share soared to $3.91, up from $1.42, while adjusted profit per share reached $2.69. Operating profit margins were slightly lower than the previous year at 11.7%. The company returned $5.0 billion to shareholders through dividends and stock repurchases. Despite ongoing supply chain constraints, Caterpillar maintained a strong cash position of $9.3 billion at year-end.
Caterpillar Inc. (NYSE: CAT) will announce its Q4 and full-year 2021 financial results on January 28 at 5:30 a.m. CST. The results will be accessible on their investor relations website and PR Newswire. Following the release, a teleconference and webcast for analysts will take place at 7:30 a.m. CST. Participants can access the call via toll-free and toll numbers provided in the announcement. A replay will be available shortly after the live event.
On December 14, 2021, Progress Rail, a Caterpillar company (NYSE: CAT), BNSF Railway, and Chevron (NYSE: CVX) announced a memorandum of understanding to demonstrate a hydrogen fuel cell-powered locomotive. This collaboration aims to assess hydrogen's viability as a sustainable alternative to diesel fuel in rail transportation. The project includes designing a prototype locomotive, developing fueling infrastructure, and conducting tests on BNSF's rail lines. If successful, this initiative could significantly lower carbon emissions and advance the hydrogen economy in heavy-duty transport.
Caterpillar Inc. (NYSE: CAT) announced its decision to maintain a quarterly dividend of $1.11 per share, payable on February 18, 2022, for shareholders of record by January 20, 2022. The company has consistently paid annual dividends since its founding and has increased them for 28 consecutive years, establishing itself as a member of the S&P 500 Dividend Aristocrat Index. With 2020 revenues of $41.7 billion, Caterpillar remains a leader in manufacturing construction and mining equipment.
Caterpillar announced a three-year collaboration with Microsoft and Ballard Power Systems to demonstrate hydrogen fuel cells for backup power at Microsoft data centers. Supported by the U.S. Department of Energy, this project aims to showcase a 1.5 MW power system using low-carbon-intensity hydrogen. Caterpillar will provide system integration and controls, while Ballard supplies the fuel cell module. This initiative marks a step toward sustainable, commercially viable energy solutions, aligning with Caterpillar's commitment to support customers' climate goals.
The Caterpillar Foundation has announced a $2 million grant to establish the Caterpillar Curator of African American Innovation and Entrepreneurship at the Smithsonian National Museum of African American History and Culture. This role will focus on promoting diversity and inclusion in discussions around African American contributions to innovation and entrepreneurship in science and technology. The grant also includes an endowment for ongoing support of collections, exhibits, and programs that celebrate African American history and culture. This collaboration marks 10 years of partnership between Caterpillar and the Smithsonian.
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