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.
Cat Financial reported 2022 revenues of $2.73 billion, a 7% increase from 2021's $2.56 billion. Profit rose to $535 million, up 6% from $505 million in 2021. Despite this, retail new business volume fell 13% to $11.36 billion. The fourth quarter saw revenues of $724 million, a 13% increase, but profits decreased 3% to $118 million due to higher credit loss provisions. Past dues improved to 1.89% from 1.95% year-over-year. The allowance for credit losses totaled $346 million, or 1.29% of finance receivables.
Caterpillar reported a 20% increase in fourth-quarter 2022 sales, reaching $16.6 billion, and a 17% rise in full-year sales to $59.4 billion. Fourth-quarter profit per share was $2.79, down from $3.91 in 2021, affected by a $0.41 foreign currency impact. Adjusted profit per share rose to $3.86 from $2.69. For the full year, profit per share increased to $12.64, and adjusted profit per share rose to $13.84. Operating cash flow was strong at $7.8 billion, with $6.7 billion returned to shareholders through buybacks and dividends.
Mayville Engineering Company (NYSE: MEC) announced the appointment of Sean Leuba as Senior Vice President, Corporate Development and General Counsel, effective January 25, 2023. Mr. Leuba brings over two decades of experience in public-company development and legal expertise from Caterpillar (NYSE: CAT). CEO Jag Reddy expressed confidence that Leuba's leadership will significantly contribute to MEC's growth objectives across various markets. Leuba stated his eagerness to execute the company's long-term growth plan during this transformative period.
Caterpillar Inc. (NYSE: CAT) is set to announce its fourth-quarter and full-year 2022 financial results on January 31, 2023, at 5:30 a.m. CST. The announcement will be available on their investor website and via PR Newswire. A teleconference will follow at 7:30 a.m. CST for analysts and investors, with access provided via phone and webcast. Caterpillar, a leader in manufacturing construction equipment and diesel engines, reported $51.0 billion in sales and revenues in 2021. The company is committed to sustainability and operating through three main segments: Construction Industries, Resource Industries, and Energy & Transportation.
Caterpillar (NYSE: CAT) has announced an investment in Lithos Energy, a U.S.-based battery technology company specializing in lithium-ion battery packs. This strategic move aims to enhance Caterpillar's electrified product portfolio, aligning with its commitment to sustainability and reduced emissions. Lithos Energy's expertise in manufacturing rugged battery solutions is expected to accelerate technology development and manufacturing capacity. Caterpillar's investment underscores its focus on delivering advanced power technologies for its hybrid and fully-electric machinery.
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.
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