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.
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.
Cat Financial reported a strong performance for Q3 2021, with revenues of $634 million, a 6% increase from Q3 2020. Profit surged to $101 million, reflecting a remarkable 110% growth year-over-year. Profit before income taxes rose to $131 million, up 36%, aided by a $27 million gain from returned equipment and a reduction in credit loss provisions. Retail new business volume reached $3.34 billion, a 29% increase, although past dues improved to 2.41% from 3.81% a year prior.
Caterpillar reported third-quarter 2021 sales of $12.4 billion, a significant 25% increase from $9.9 billion in 2020, driven by strong equipment demand and favorable pricing. Profit per share rose to $2.60, up from $1.22 in the previous year. Adjusted profit per share was $2.66, reflecting solid operational performance. Notably, the company returned $2.0 billion to shareholders through dividends and share buybacks during the quarter, showcasing a healthy balance sheet with $9.4 billion in cash.
Caterpillar Inc. (NYSE: CAT) is set to release its third-quarter 2021 financial results on October 28 at 5:30 a.m. CDT. Stakeholders can access the release via the investors.caterpillar.com website and through PR Newswire. A teleconference and webcast will follow at 7:30 a.m. CDT for analysts and investors. Dial-in options are available for both domestic and international participants, with entry code 9864507. Caterpillar generated $41.7 billion in revenue for 2020, operating through multiple segments worldwide.
Caterpillar Inc. (NYSE: CAT) announced the board's decision to maintain a quarterly dividend of $1.11 per share, payable on November 19, 2021. Shareholders of record as of October 25, 2021 will receive this dividend. This marks the 28th consecutive year of increasing annual dividends, solidifying Caterpillar's status as a member of the S&P 500 Dividend Aristocrat Index. In 2020, Caterpillar reported $41.7 billion in sales and revenues, affirming its leadership in the manufacturing of construction and mining equipment.
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