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 a collaboration with Luck Stone, the largest family-owned producer of aggregates in the U.S., to implement its autonomous technology at Luck Stone's Bull Run Plant in Chantilly, Virginia. This deployment marks Caterpillar's first venture into the aggregates industry, utilizing the Cat® MineStar™ Command for Hauling system on 777G trucks. The project aims to enhance safety and productivity while providing insights for future autonomous solutions. Scheduled for 2024, this initiative builds on Caterpillar's leadership in autonomous solutions, with over 560 autonomous trucks deployed globally.
The Board of Directors of Caterpillar (NYSE: CAT) has decided to maintain its quarterly dividend at $1.20 per share, payable on February 17, 2023, to shareholders of record by the close of business on January 20, 2023. Caterpillar, a consistent dividend payer since 1933, has increased its annual dividends for 29 consecutive years and is listed among the S&P 500 Dividend Aristocrats. In 2021, the company reported sales and revenues of $51.0 billion.
Caterpillar Inc. (NYSE: CAT) has successfully demonstrated its first battery electric 793 mining truck, marking a significant advancement in its sustainable product journey. The prototype was developed with support from key mining customers, including BHP and Rio Tinto. As part of its sustainability initiative, Caterpillar is investing to transform its Tucson Proving Ground in Arizona into a sustainable testing hub, focusing on renewable energy technologies. This development aligns with the company's commitment to assist mining customers in reducing greenhouse gas emissions and achieving their sustainability goals.
Caterpillar Inc. (NYSE: CAT) announced a record pledge of over $13.8 million to United Way chapters across the United States, Canada, Mexico, and Panama for its 2022-2023 campaign, marking a $1 million increase from the previous year. The Caterpillar Foundation matches employee contributions dollar for dollar, highlighting a sustained commitment to community support. Over the past 20 years, the company has raised more than $200 million through this initiative. Caterpillar operates globally, primarily in construction and mining equipment, with 2021 sales of $51 billion.
Cat Financial reported Q3 2022 revenues of $690 million, a 9% increase from $634 million in Q3 2021. Profit rose 30% to $131 million from $101 million year-over-year due to higher financing rates. Profit before income taxes surged 44% to $188 million, influenced by a $75 million reduction in credit loss provisions. However, retail new business volume fell 18% to $2.73 billion. Past dues decreased to 2.00% from 2.41% a year ago, indicating improved portfolio performance.
Caterpillar reported third-quarter 2022 sales of $15.0 billion, a 21% increase from $12.4 billion in Q3 2021. The profit per share rose to $3.87, with adjusted profit at $3.95, up from $2.60 and $2.66, respectively. The operating profit margin improved to 16.2%. The company returned $2.0 billion to shareholders via share repurchases and dividends. Strong demand was noted across all segments, though the increase in sales was partially offset by unfavorable currency impacts. Caterpillar ended the quarter with $6.3 billion in cash and reported significant growth in all three primary segments.
Caterpillar Inc. (NYSE: CAT) announced on October 13, 2022, that its Board of Directors has waived the mandatory retirement policy for Chairman and CEO Jim Umpleby, allowing him to continue in his role beyond February 2023 when he turns 65. This decision grants the Board increased flexibility in its CEO succession planning. Debra Reed-Klages, presiding director, praised Umpleby for his strong leadership. Caterpillar reported sales of $51 billion in 2021, underscoring its position as a leading manufacturer in the construction and mining equipment sector.
Caterpillar Inc. (NYSE: CAT) will release its third-quarter 2022 financial results on October 27 at 5:30 a.m. CDT. The results will be accessible at investors.caterpillar.com. A teleconference and webcast will follow at 7:30 a.m. CDT, available for analysts and institutional investors. Participants can access the call via phone with conference ID 9063945. Caterpillar reported 2021 sales of $51.0 billion, highlighting its position as a leading manufacturer in construction and mining equipment.
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