Caterpillar Inc.: Files Form 8-K 1Q 2022 Earnings Release
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Caterpillar Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 2022 CATERPILLAR INC. (Exact name of registrant as specified in its charter)
Delaware 1-768 37-0602744 (State or other jurisdiction of incorporation)
Number)
510 Lake Cook Road, Suite 100, Deerfield, Illinois 60015
(Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (224) 551-4000 Former name or former address, if changed since last report: N/A ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of
1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange ☐ Act. Item 2.02. Results of Operations and Financial Condition.
On April 28, 2022, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended March 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.
Item 7.01. Regulation FD Disclosure. Caterpillar Inc. is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
The following is furnished as an exhibit to this report:
99.1 Caterpillar Inc. press release dated April 28, 2022
99.2 Retail Statistics
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CATERPILLAR INC.
April 28, 2022 By: /s/ Suzette M. Long Suzette M. Long Chief Legal Officer and General Counsel
Caterpillar Inc. 1Q 2022 Earnings Release
April 28, 2022
FOR IMMEDIATE RELEASE
Caterpillar Reports First-Quarter 2022 Results
● First-quarter 2022 sales and revenues increased 14% to $13.6 billion ● First-quarter 2022 profit per share of $2.86; adjusted profit per share of $2.88
● Returned $1.4 billion to shareholders through share repurchases and dividends in the quarter
DEERFIELD, Ill. - Caterpillar Inc. (NYSE: CAT) announced first-quarter 2022 sales and revenues of $13.6 billion, a 14% increase compared with $11.9 billion in the first quarter of 2021. The increase was primarily due to higher sales volume, driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories, as well as favorable price realization. Dealers increased inventories more during the first quarter of 2022 than during the first quarter of 2021.
Operating profit margin was 13.7% for the first quarter of 2022, compared with 15.3% for the first quarter of 2021. First-quarter 2022 profit per share was $2.86, compared with first-quarter 2021 profit per share of $2.77. Adjusted profit per share in the first quarter of 2022 was $2.88, compared with first-quarter 2021 adjusted profit per share of $2.87. Adjusted profit per share for both quarters excluded restructuring costs. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13.
For the three months ended March 31, 2022, enterprise operating cash flow was $0.3 billion and the company ended the first quarter with $6.5 billion of enterprise cash. The company paid about $1.3 billion of short-term incentive compensation in the quarter, which was reinstated in 2021. In the quarter, the company repurchased $0.8 billion of Caterpillar common stock and paid dividends of $0.6 billion.
"I'm proud of our global team's performance as they achieved double-digit sales growth despite ongoing supply chain challenges. We remain focused on supporting our customers and executing our strategy for long-term profitable growth," said Chairman and CEO Jim Umpleby. "Our strong balance sheet allowed us to repurchase shares and pay dividends totaling $1.4 billion in the quarter."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2021 (at left) and the first quarter of 2022 (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 2022 were $13.589 billion, an increase of $1.702 billion, or 14%, compared with $11.887 billion in the first quarter of 2021. The increase was due to higher sales volume and favorable price realization, partially offset by unfavorable currency impacts primarily related to the euro, Australian dollar and Japanese yen. The increase in sales volume was driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories. Dealers increased inventories by $1.3 billion during the first quarter of 2022, compared with an increase of $700 million during the first quarter of 2021.
Sales were higher across the three primary segments.
Sales and Revenues by Segment
Sales and Revenues by Geographic Region
Consolidated Operating Profit
The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2021 (at left) and the first quarter of 2022 (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 2022 was $1.855 billion, an increase of $41 million, or 2%, compared with $1.814 billion in the first quarter of 2021. Unfavorable manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses were more than offset by favorable price realization and higher sales volume.
Unfavorable manufacturing costs primarily reflected higher material and freight costs. The increase in SG&A/R&D expenses was mainly driven by investments aligned with the company's strategy for profitable growth.
Other Profit/Loss and Tax Items
* Other income (expense) in the first quarter of 2022 was income of $253 million, compared with income of $325 million in the first quarter of 2021. Favorable impacts from higher gains on commodity hedges were more than offset by the unfavorable impacts from lower foreign currency exchange net gains, lower pension and other postemployment benefit (OPEB) plan income and the unfavorable impacts from unrealized gains (losses) on marketable securities.
* The provision for income taxes for the first quarter of 2022 reflected an estimated annual global tax rate of 24%, compared with 26% for the first quarter of 2021, excluding the discrete items discussed below. The comparative tax rate for full-year 2021 was approximately 23%. The increase in the estimated annual global tax rate from full-year 2021 was primarily related to changes in the expected geographic mix of profits from a tax perspective for 2022.
In addition, a discrete tax benefit of $12 million was recorded in the first quarter of 2022, compared with a $43 million benefit in the first quarter of 2021, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.
CONSTRUCTION INDUSTRIES
Sales by Geographic Region
Construction Industries' total sales were $6.115 billion in the first quarter of 2022, an increase of $656 million, or 12%, compared with $5.459 billion in the first quarter of 2021. The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts related to the euro, Japanese yen and Australian dollar. The increase in sales volume was driven by the impact from changes in dealer inventories and higher end-user demand for aftermarket parts. Across all regions, dealers increased inventories more during the first quarter of 2022 than during the first quarter of 2021.
▪ In North America, sales increased due to higher sales volume and favorable price realization. Higher sales volume was driven by higher end-user demand for equipment and aftermarket parts from improving non- residential construction, as well as continued strength in residential construction and the impact from changes in dealer inventories.
▪ Sales increased in Latin America primarily due to higher sales volume, led by higher end-user demand across the region and the impact from changes in dealer inventories, as well as favorable price realization.
▪ In EAME, sales increased due to higher sales volume and favorable price realization, partially offset by unfavorable currency impacts related to a weaker euro. Higher sales volume was driven by higher end-user demand for equipment and aftermarket parts and the impact from changes in dealer inventories.
▪ Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts driven by a weaker Japanese yen and Australian dollar, partially offset by favorable price realization. Lower sales volume was driven by lower end-user demand, partially offset by the impact from changes in dealer inventories. Lower sales in China primarily driven by lower end-user demand were partially offset by increased sales across the majority of the region.
Construction Industries' profit was $1.057 billion in the first quarter of 2022, an increase of $15 million, or 1%, compared with $1.042 billion in the first quarter of 2021. Unfavorable manufacturing costs were more than offset by favorable price realization and higher sales volume. Unfavorable manufacturing costs largely reflected higher material and freight costs.
RESOURCE INDUSTRIES (Millions of dollars) Segment Sales
Sales by Geographic Region
Resource Industries' total sales were $2.830 billion in the first quarter of 2022, an increase of $652 million, or 30%, compared with $2.178 billion in the first quarter of 2021. The increase was primarily due to higher sales volume and favorable price realization. The increase in sales volume was driven by higher end-user demand for equipment and aftermarket parts and the impact from changes in dealer inventories. End-user demand was higher in heavy construction and quarry and aggregates as well as mining. Dealers increased inventories during the first quarter of 2022, compared to remaining about flat during the first quarter of 2021.
Resource Industries' profit was $361 million in the first quarter of 2022, an increase of $49 million, or 16%, compared with $312 million in the first quarter of 2021. Unfavorable manufacturing costs and higher SG&A/R&D expenses were more than offset by higher sales volume and favorable price realization. Unfavorable manufacturing costs largely reflected higher freight and material costs. The increase in SG&A/R&D expenses was driven by investments aligned with growth initiatives.
ENERGY & TRANSPORTATION
Energy & Transportation's total sales were $5.038 billion in the first quarter of 2022, an increase of $531 million, or 12%, compared with $4.507 billion in the first quarter of 2021. Sales increased across all applications and inter- segment sales.
▪ Oil and Gas - Sales increased for reciprocating engines, primarily aftermarket parts, partially offset by lower sales for turbines and turbine-related services.
▪ Power Generation - Sales rose due to higher sales volume in small reciprocating engine applications, partially offset by lower sales in turbines and turbine-related services.
▪ Industrial - Sales were up due to higher demand across all regions.
▪ Transportation - Sales increased in reciprocating engines, primarily aftermarket parts and marine applications.
Energy & Transportation's profit was $538 million in the first quarter of 2022, a decrease of $137 million, or 20%, compared with $675 million in the first quarter of 2021. The decrease was mainly due to unfavorable manufacturing costs and higher SG&A/R&D expenses, partially offset by higher sales volume and favorable price realization. Unfavorable manufacturing costs largely reflected higher freight and material costs. The increase in SG&A/R&D expenses was driven by investments aligned with growth initiatives.
FINANCIAL PRODUCTS SEGMENT (Millions of dollars) Revenues by Geographic Region
Financial Products' segment revenues were $783 million in the first quarter of 2022, an increase of $22 million, or 3%, from the first quarter of 2021. The increase was mostly in North America, driven by a favorable impact from returned or repossessed equipment and higher average earning assets, partially offset by lower average financing rates.
Financial Products' segment profit was $238 million in the first quarter of 2022, a decrease of $6 million, or 2%, compared with $244 million in the first quarter of 2021. The decrease was mainly due to higher provision for credit losses at Cat Financial and an increase in SG&A expenses, partially offset by a favorable impact from returned or repossessed equipment. The impact of lower average financing rates was mostly offset by lower interest expense.
At the end of the first quarter of 2022, past dues at Cat Financial were 2.05%, compared with 2.90% at the end of the first quarter of 2021. The decrease in past dues was mostly driven by the North America, Caterpillar Power Finance and EAME portfolios. Write-offs, net of recoveries, were $8 million for the first quarter of 2022, compared with $24 million for the first quarter of 2021. As of March 31, 2022, Cat Financial's allowance for credit losses totaled $357 million, or 1.29% of finance receivables, compared with $337 million, or 1.22% of finance receivables at December 31, 2021. The increase in allowance for credit losses included a higher reserve for the Russia and Ukraine portfolios.
Corporate Items and Eliminations
Expense for corporate items and eliminations was $261 million in the first quarter of 2022, a decrease of $126 million from the first quarter of 2021, primarily due to favorable impacts of segment reporting methodology differences and a favorable change in fair value adjustments related to deferred compensation plans.
Notes i. Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx. ii. End-user demand is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, April 28, 2022. iii. Information on non-GAAP financial measures is included in the appendix on page 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 28, 2022, to discuss its 2022 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 2021 sales and revenues of $51.0 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) Caterpillar investor relations contact: Ryan Fiedler, +1 224-551-4074 or [email protected] Caterpillar media contact: Kate Kenny, +1 309-361-9333 or [email protected]
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) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, 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 one significant item in order for the company's results to be meaningful to readers. This item consists of (i) restructuring costs, which were incurred to generate longer-term benefits. The company does not consider this item 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 2022, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans along with any other discrete items.
Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:
(Dollars in millions except per share 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 14 to 22 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.
Sales and revenues:
Condensed Consolidated Statement of Results of Operations (Unaudited) (Dollars in millions except per share data)
Three Months Ended March 31, 2022 2021
Operating costs:
Operating profit 1,855 1,814
Consolidated profit before taxes 1,999 1,997
Provision (benefit) for income taxes 469 475 Profit of consolidated companies 1,530 1,522
Equity in profit (loss) of unconsolidated affiliated companies 7 9
Profit of consolidated and affiliated companies 1,537 1,531
Less: Profit (loss) attributable to noncontrolling interests - 1
Profit 1 $ 1,537 $ 1,530
Profit per common share $ 2.88 $ 2.80 Profit per common share - diluted 2 $ 2.86 $ 2.77
Weighted-average common shares outstanding (millions) - Basic 534.5 546.4 - Diluted 2 538.3 551.4
1 Profit attributable to common shareholders. 2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
Condensed Consolidated Statement of Financial Position (Unaudited) (Millions of dollars)
Caterpillar Inc. Condensed Consolidated Statement of Cash Flow (Unaudited) (Millions of dollars)
Cash flow from operating activities:
Three Months Ended March 31, 2022 2021
Changes in assets and liabilities, net of acquisitions and divestitures: Receivables - trade and other (372) (543) Inventories (1,032) (657) Accounts payable 452 733 Accrued expenses (74) 84 Accrued wages, salaries and employee benefits (965) 191 Customer advances 311 58 Other assets - net 99 56 Other liabilities - net (49) (116) Net cash provided by (used for) operating activities 313 1,928 Cash flow from investing activities: Capital expenditures - excluding equipment leased to others (346) (252) Expenditures for equipment leased to others (333) (252) Proceeds from disposals of leased assets and property, plant and equipment 269 309 Additions to finance receivables (2,988) (2,629) Collections of finance receivables 2,966 2,770 Proceeds from sale of finance receivables 9 5 Investments and acquisitions (net of cash acquired) (8) (386) Proceeds from sale of businesses and investments (net of cash sold) - 28 Proceeds from sale of securities 571 126 Investments in securities (1,438) (148) Other - net (15) (48) Net cash provided by (used for) investing activities (1,313) (477) Cash flow from financing activities: Dividends paid (595) (562) Common stock issued, including treasury shares reissued (28) 65 Common shares repurchased (820) - Proceeds from debt issued (original maturities greater than three months) 2,131 2,273 Payments on debt (original maturities greater than three months) (1,387) (2,887) Short-term borrowings - net (original maturities three months or less) (1,016) 1,659 Other - net - (2) Net cash provided by (used for) financing activities (1,715) 546 Effect of exchange rate changes on cash (16) (12) Increase (decrease) in cash, cash equivalents and restricted cash (2,731) 1,985 Cash, cash equivalents and restricted cash at beginning of period 9,263 9,366 Cash, cash equivalents and restricted cash at end of period $ 6,532 $ 11,351
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.
Operating costs:
Operating profit
Operating costs:
Operating profit
At March 31, 2022 (Unaudited) (Millions of dollars)
Supplemental Consolidating Data Machinery,
Assets Current assets:
Consolidated Energy & Transportation
Products
Adjustments
Current liabilities:
At December 31, 2021 (Unaudited) (Millions of dollars)
Supplemental Consolidating Data Machinery,
Assets Current assets:
Consolidated Energy & Transportation
Products
Adjustments
Current liabilities:
Provision (benefit) for deferred income taxes
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.
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. Exhibit 99.2
]
' Caterpillar Inc. ("Caterpillar", "we" or "our") is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). Caterpillar sells the majority of its machinery and power systems to independently owned and operated dealers and OEMs to meet the demands of their customers, the end users. Caterpillar believes that this supplemental information may help readers better understand Caterpillar's business and the industries it serves, particularly in light of the time delay between Caterpillar's sales to dealers and dealers' sales to end users.
In this report, we are providing information by geographic region for retail sales of machines in each of our Resource Industries and Construction Industries reportable segments, as well as information regarding retail sales of our machines globally. For our Energy & Transportation reportable segment, we are providing retail sales information by major end use.
The information presented in this report is primarily based on unaudited reports that are voluntarily provided to Caterpillar by its independent dealers and which are not subject to Caterpillar's internal controls over financial reporting. Accordingly, the data collected from such third parties may not be accurate and/or complete. As such, the information presented in this report is intended solely to convey an approximate indication of the trends, direction and magnitude of retail sales and is not intended to be an estimate, approximation or prediction of, or substitute for, Caterpillar's audited financial statements filed with the U.S. Securities and Exchange Commission. This information is furnished under this report with the U.S. Securities and Exchange Commission. Caterpillar does not undertake to update or adjust prior period information.
Caterpillar Inc. Quarterly Retail Sales Statistics
Reported in dollars and based on unit sales as reported primarily by dealers.
Energy & Transportation (E&T) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year:
Reported in dollars based on reporting from dealers and direct sales. Glossary of Terms
Construction Industries: Our Construction Industries segment is primarily responsible for supporting customers using machinery in infrastructure, forestry and building construction. The majority of machine sales in this segment are made in the heavy and general construction, rental, quarry and aggregates markets and mining. The Construction Industries product portfolio primarily includes the following machines:
· compact track and · site prep tractors · compact, small and medium
Effective September 2019, Caterpillar has divested its Forestry product segment. Those products have been removed from the Construction Industries product portfolio where any remaining product Dealer Inventory will be reported in Machines as they are depleted.
EAME: Europe, Africa, Commonwealth of Independent States and Middle East.
Energy & Transportation: Our Energy & Transportation segment is primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives, integrated systems and solutions, and certain related parts across industries serving oil and gas, power generation, industrial and marine applications as well as rail-related businesses.
Resource Industries: Our Resource Industries segment is primarily responsible for supporting customers using machinery in mining, heavy construction, and quarry and aggregates. The Resource Industries product portfolio primarily includes the following machines:
For purposes of this report, retail sales of longwall miners are not included in the information presented above for Resource Industries or Machines or Machines and E&T Combined figures.
FORWARD-LOOKING STATEMENTS
Certain statements in this report 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) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, 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. Regulatory filing PDF file File: form 8-K CAT 1Q 2022 |
| Language: | English |
| Company: | Caterpillar Inc. |
| 510 Lake Cook Road, Suite 100 | |
| 60015 Deerfield, Illinois | |
| United States | |
| Phone: | 224-551-4000 |
| Internet: | www.caterpillar.com |
| ISIN: | US1491231015 |
| Euronext Ticker: | CATR |
| AMF Category: | Inside information / Other releases |
| EQS News ID: | 1338713 |
| End of Announcement | EQS News Service |
1338713 28-Apr-2022 CET/CEST
Caterpillar Inc. Stock
We see a rather positive sentiment for Caterpillar Inc. with 14 Buy predictions and 2 Sell predictions.
However, we have a potential of -2.26% for Caterpillar Inc. as the target price of 324 € is below the current price of 331.5 €.
