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25.04.2024 06:30
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Caterpillar Reports First-Quarter 2024 Results
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PR Newswire
IRVING, Texas, April 25, 2024
- First-quarter 2024 profit per share of $5.75; adjusted profit per share of $5.60
- Enterprise operating cash flow was $2.1 billion in the first quarter of 2024
- Deployed $5.1 billion of cash for share repurchases and dividends in the first quarter
| | | First Quarter | |
| ($ in billions except profit per share) | | 2024 | 2023 |
| Sales and Revenues | | $15.8 | $15.9 |
| Profit Per Share | | $5.75 | $3.74 |
| Adjusted Profit Per Share | | $5.60 | $4.91 |
| | | | |
| Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13. |
IRVING, Texas, April 25, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced first-quarter 2024 results. Sales and revenues for the first quarter of 2024 were $15.8 billion, about flat to the first quarter of 2023, due to lower sales volume, which was mostly offset by favorable price realization.
Operating profit margin was 22.3% for the first quarter of 2024, compared with 17.2% for the first quarter of 2023. Adjusted operating profit margin was 22.2% for the first quarter of 2024, compared with 21.1% for the first quarter of 2023. First-quarter 2024 profit per share was $5.75, compared with first-quarter 2023 profit per share of $3.74. Adjusted profit per share in the first quarter of 2024 was $5.60, compared with first-quarter 2023 adjusted profit per share of $4.91. In the first quarter of 2024 and 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring income/costs.
For the three months ended March 31, 2024, enterprise operating cash flow was $2.1 billion, and the company ended the first quarter with $5.0 billion of enterprise cash. In the quarter, the company deployed $4.5 billion of cash for repurchases of Caterpillar common stock and $0.6 billion of cash for dividends.
"I'm pleased with our team's performance that resulted in higher adjusted operating profit margin, record adjusted profit per share and strong ME&T free cash flow. Our strong balance sheet and ME&T free cash flow allowed us to deploy a record $5.1 billion of cash for share repurchases and dividends in the first quarter," said Chairman and CEO Jim Umpleby. "We continue to execute our strategy for long-term profitable growth."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
First Quarter 2024 vs. First Quarter 2023
To access this chart, go to http://www.caterpillar.com/en/investors/quarterly-results.html for the downloadable version of Caterpillar First-Quarter 2024 earnings.
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2023 (at left) and the first quarter of 2024 (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 2024 were $15.799 billion, a decrease of $63 million, or about flat, compared with $15.862 billion in the first quarter of 2023. Lower sales volume of $684 million and unfavorable currency impacts of $30 million, primarily related to the Australian dollar, were mostly offset by favorable price realization of $575 million and higher Financial Products' revenues of $76 million. The decrease in sales volume was primarily driven by lower sales of equipment to end users; there was not a significant impact from changes in dealer inventories.
In the three primary segments, sales were higher in Energy & Transportation and lower in Construction Industries and Resource Industries.
| Sales and Revenues by Segment | |||||||||||||||
| (Millions of dollars) | First | | Sales Volume | | Price Realization | | Currency | | Inter- | | First | | $ Change | | % Change |
| | | | | | | | | | | | | | | | |
| Construction Industries | $ 6,746 | | $ (464) | | $ 199 | | $ (22) | | $ (35) | | $ 6,424 | | $ (322) | | (5 %) |
| Resource Industries | 3,427 | | (425) | | 173 | | (11) | | 29 | | 3,193 | | (234) | | (7 %) |
| Energy & Transportation | 6,254 | | 231 | | 202 | | (1) | | (5) | | 6,681 | | 427 | | 7 % |
| All Other Segment | 111 | | (1) | | — | | — | | (1) | | 109 | | (2) | | (2 %) |
| Corporate Items and Eliminations | (1,439) | | (25) | | 1 | | 4 | | 12 | | (1,447) | | (8) | | |
| Machinery, Energy & Transportation | 15,099 | | (684) | | 575 | | (30) | | — | | 14,960 | | (139) | | (1 %) |
| | | | | | | | | | | | | | | | |
| Financial Products Segment | 902 | | — | | — | | — Werbung Mehr Nachrichten zur Caterpillar Inc. Aktie kostenlos abonnieren
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