Caterpillar Inc.: Files Form 8-K - 2Q 2022 Earnings Releaser & Retail Stats

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Caterpillar Inc.

Caterpillar Inc.: Files Form 8-K - 2Q 2022 Earnings Releaser & Retail Stats

04-Aou-2022 / 17:12 CET/CEST

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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):                  August 2, 2022

CATERPILLAR INC.

(Exact name of registrant as specified in its charter)

 

Delaware                                           1-768                                           37-0602744

 

(State or other jurisdiction of incorporation)


(Commission File

Number)


(I.R.S Employer Identification No.)

 

 

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:

Title of each class

Trading Symbol (s)

Name of each exchange which registered

Common Stock ($1.00 par value)

8% Debentures due February 15, 2023

5.3% Debentures due September 15, 2035

CAT CAT23

CAT35

The New York Stock Exchange The New York Stock Exchange The New York Stock Exchange

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 August 2, 2022, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended June

30, 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 August 2, 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.

 

 

 

August 2, 2022                                                                      By:      /s/ Suzette M. Long

Suzette M. Long

Chief Legal Officer and General Counsel

 

 

 

Caterpillar Inc.

2Q 2022 Earnings Release


Exhibit 99.1

 

 

August 2, 2022

 

 

FOR IMMEDIATE RELEASE

 

Caterpillar Reports Second-Quarter 2022 Results

 

 

 

 

 

 

   Second-quarter 2022 sales and revenues increased 11% to $14.2 billion

 

   Second-quarter 2022 profit per share of $3.13;

adjusted profit per share of $3.18

 

   Returned $1.7 billion to shareholders through share repurchases and dividends in the quarter

 

 

DEERFIELD, Ill. – Caterpillar Inc. (NYSE: CAT) announced second-quarter 2022 sales and revenues of $14.2 billion, an 11% increase compared with $12.9 billion in the second quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume.

 

Operating profit margin was 13.6% for the second quarter of 2022, compared with 13.9% for the second quarter of

2021. Second-quarter 2022 profit per share was $3.13, compared with second-quarter 2021 profit per share of

$2.56. Adjusted profit per share in the second quarter of 2022 was $3.18, compared with second-quarter 2021 adjusted profit per share of $2.60. 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 first half of 2022, enterprise operating cash flow was $2.5 billion. In the quarter, the company repurchased

$1.1 billion of Caterpillar common stock and paid dividends of $0.6 billion. The company ended the period with $6.0 billion of enterprise cash.

 

“Our team delivered another good quarter with double-digit top line and adjusted profit per share growth despite ongoing supply chain challenges,” said Chairman and CEO Jim Umpleby. “Our second-quarter results reflect healthy demand across most of our end markets. We remain focused on executing our strategy for long-term profitable growth.”

 

 

 

CONSOLIDATED RESULTS

 

Consolidated Sales and Revenues

 

 

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the second quarter of 2021 (at left) and the second 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 second quarter of 2022 were $14.247 billion, an increase of $1.358 billion, or 11%, compared with $12.889 billion in the second quarter of 2021. The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts primarily related to the euro, Australian dollar and Japanese yen. The increase in sales volume was driven by services, partially offset by lower sales of equipment to end users.

 

Sales were higher across the three primary segments.

 

Sales and Revenues by Segment

 

 

 

(Millions of dollars)

Second

Quarter

2021

 

Sales

Volume

 

Price

Realization

 

 

Currency

 

Inter- Segment / Other

 

Second

Quarter

2022

 

$ Change

 

% Change

 

Construction Industries

 

$          5,656

 

$              (25)

 

$             535

 

$            (122)

 

$              (11)

 

 

$          6,033

 

$             377

 

7%

Resource Industries

2,547

140

317

(33)

(10)

 

2,961

414

16%

Energy & Transportation

4,975

363

260

(103)

210

 

5,705

730

15%

All Other Segment

128

4

1

(1)

(14)

 

118

(10)

(8%)

Corporate Items and Eliminations

(1,113)

17

(8)

1

(175)

 

(1,278)

(165)

 

Machinery, Energy & Transportation

12,193

499

1,105

(258)

 

13,539

1,346

11%

 

Financial Products Segment

 

774

 

 

 

 

24

 

 

798

 

24

 

3%

Corporate Items and Eliminations

(78)

(12)

 

(90)

(12)

 

Financial Products Revenues

696

12

 

708

12

2%

Consolidated Sales and Revenues

$        12,889

$             499

$          1,105

$            (258)

$               12

 

$        14,247

$          1,358

11%

 

 

 

Sales and Revenues by Geographic Region

 

 

North America

 

 

Latin America

 

 

EAME

 

 

Asia/Pacific

 

 

External Sales and Revenues

 

 

Inter-Segment

 

 

Total Sales and Revenues

(Millions of dollars)

$

% Chg

 

$

% Chg

 

$

% Chg

 

$

% Chg

 

$

% Chg

 

$

% Chg

 

$

% Chg

Second Quarter 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Industries

$  3,006

20%

 

$     635

48%

 

$  1,202

(7%)

 

$  1,148

(17%)

 

$  5,991

7%

 

$       42

(21%)

 

$  6,033

7%

Resource Industries

1,027

29%

 

466

(4%)

 

489

(7%)

 

913

38%

 

2,895

17%

 

66

(13%)

 

2,961

16%

Energy & Transportation

2,277

14%

 

382

53%

 

1,215

2%

 

766

12%

 

4,640

13%

 

1,065

25%

 

5,705

15%

All Other Segment

18

64%

 

(100%)

 

5

25%

 

15

(17%)

 

38

12%

 

80

(15%)

 

118

(8%)

Corporate Items and Eliminations

(20)

 

 

(2)

 

 

 

 

(3)

 

 

(25)

 

 

(1,253)

 

 

(1,278)

 

Machinery, Energy & Transportation

6,308

20%

 

1,481

27%

 

2,911

(3%)

 

2,839

4%

 

13,539

11%

 

—%

 

13,539

11%

 

Financial Products Segment

 

505

 

3%

 

 

87

 

34%

 

 

97

 

1%

 

 

109

 

(13%)

 

 

798

 

3%

 

 

 

—%

 

 

798

 

3%

Corporate Items and Eliminations

(42)

 

 

(21)

 

 

(10)

 

 

(17)

 

 

(90)

 

 

 

 

(90)

 

Financial Products Revenues

463

3%

 

66

22%

 

87

—%

 

92

(12%)

 

708

2%

 

—%

 

708

2%

Consolidated Sales and Revenues

$  6,771

18%

 

$  1,547

27%

 

$  2,998

(3%)

 

$  2,931

3%

 

$ 14,247

11%

 

$        

—%

 

$ 14,247

11%

 

Second Quarter 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Industries

$  2,498

 

 

$     430

 

 

$  1,291

 

 

$  1,384

 

 

$  5,603

 

 

$       53

 

 

$  5,656

 

Resource Industries

799

 

 

487

 

 

525

 

 

660

 

 

2,471

 

 

76

 

 

2,547

 

Energy & Transportation

1,992

 

 

250

 

 

1,196

 

 

682

 

 

4,120

 

 

855

 

 

4,975

 

All Other Segment

11

 

 

1

 

 

4

 

 

18

 

 

34

 

 

94

 

 

128

 

Corporate Items and Eliminations

(31)

 

 

(1)

 

 

(1)

 

 

(2)

 

 

(35)

 

 

(1,078)

 

 

(1,113)

 

Machinery, Energy & Transportation

5,269

 

 

1,167

 

 

3,015

 

 

2,742

 

 

12,193

 

 

 

 

12,193

 

 

Financial Products Segment

 

488

 

 

65

 

 

96

 

 

125

 

 

774

 

 

 

 

774

Corporate Items and Eliminations

(38)

 

(11)

 

(9)

 

(20)

 

(78)

 

 

(78)

Financial Products Revenues

450

 

54

 

87

 

105

 

696

 

 

696

Consolidated Sales and Revenues

$  5,719

 

$  1,221

 

$  3,102

 

$  2,847

 

$ 12,889

 

$        

 

$ 12,889

 

 

 

 

 

Consolidated Operating Profit

 

The chart above graphically illustrates reasons for the change in consolidated operating profit between the second quarter of 2021 (at left) and the second 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 second quarter of 2022 was $1.944 billion, an increase of $155 million, or 9%, compared with $1.789 billion in the second quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume, partially offset by higher manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses. Unfavorable manufacturing costs largely 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 and higher short-term incentive compensation expense.

 

Profit (Loss) by Segment

 

 

Second Quarter

 

 

Second Quarter

 

 

$

 

 

%

(Millions of dollars)

2022

2021

Change

Change

Construction Industries

$                     989

$                  1,029

$                      (40)

(4%)

Resource Industries

355

349

6

2%

Energy & Transportation

659

738

(79)

(11%)

All Other Segment

31

(10)

41

n/a

Corporate Items and Eliminations

(230)

(453)

223

 

Machinery, Energy & Transportation

1,804

1,653

151

9%

Financial Products Segment

217

243

(26)

(11%)

Corporate Items and Eliminations

17

(29)

46

 

Financial Products

234

214

20

9%

Consolidating Adjustments

(94)

(78)

(16)

 

 

Consolidated Operating Profit

 

$                  1,944

 

$                  1,789

 

$                     155

 

9%

Corporate Items and Eliminations included corporate-level expenses, timing differences (as some expenses are reported in segment profit on a cash basis), methodology differences between segment and consolidated external reporting (the company values segment inventories and cost of sales using a current cost methodology), certain restructuring costs and inter-segment eliminations.

 

 

 

 

 

Other Profit/Loss and Tax Items

 

 Other income (expense) in the second quarter of 2022 was income of $260 million, compared with income of $201 million in the second quarter of 2021. The change was primarily driven by favorable impacts from foreign currency exchange, partially offset by unfavorable impacts from commodity hedges, unrealized losses on marketable securities and lower pension and other postemployment benefit (OPEB) plan income.

 

 The provision for income taxes for the second quarter of 2022 reflected an estimated annual global tax rate of approximately 24%, compared with 26% for the second quarter of 2021, excluding the discrete items discussed below. The comparative tax rate for full-year 2021 was 23%.

 

In the second quarter of 2022, the company recorded discrete tax benefits of $55 million, primarily for a prior year tax adjustment due to a change in estimate, compared with a $17 million benefit in the second 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

 

(Millions of dollars)

 

Segment Sales

 

 

Second

Sales

Price

 

Inter-

Second

$

%

 

Quarter 2021

Volume

Realization

Currency

Segment

Quarter 2022

Change

Change

Total Sales

$        5,656

$            (25)

$        535

$          (122)

$               (11)

$           6,033

$       377

7%

 

 

Sales by Geographic Region

 

Second

Quarter 2022

 

 

Second

Quarter 2021

 

 

$ Change

 

 

% Change

 

North America                    $        3,006       $        2,498       $        508                         20% Latin America                                   635                     430                  205                         48% EAME                                           1,202                  1,291                   (89)                         (7%) Asia/Pacific                                   1,148                  1,384                 (236)                       (17%) External Sales                              5,991                  5,603                  388                           7% Inter-segment                                    42                       53                   (11)                       (21%) Total Sales                         $        6,033       $        5,656       $        377                           7%

 

Segment Profit

 

 

Second

Quarter 2022

 

 

Second

Quarter 2021         Change

 

 

% Change

 

Segment Profit                    $           989       $        1,029       $         (40)                         (4%) Segment Profit Margin                    16.4 %               18.2 %             (1.8 pts)

 

 

Construction Industries’ total sales were $6.033 billion in the second quarter of 2022, an increase of $377 million, or

7%, compared with $5.656 billion in the second quarter of 2021. The increase was due to favorable price realization, partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen and Australian dollar. Sales volume decreased slightly as lower sales of equipment to end users was mostly offset by higher sales of aftermarket parts.

 

 In North America, sales increased due to favorable price realization and higher sales volume. Higher sales volume was driven by the impact from changes in dealer inventories. Dealer inventory decreased more during the second quarter of 2021 than during the second quarter of 2022.

 

     Sales increased in Latin America primarily due to higher sales volume and favorable price realization.

Higher sales volume was driven by higher sales of equipment to end users, partially offset by the impact from changes in dealer inventories. Dealer inventory decreased during the second quarter of 2022, compared with an increase during the second quarter of 2021.

 

 In EAME, sales decreased due to lower sales volume and unfavorable currency impacts primarily related to the euro, partially offset by favorable price realization. Lower sales volume was primarily driven by the impact from changes in dealer inventories. Dealer inventory decreased during the second quarter of 2022, compared with an increase during the second quarter of 2021.

 

 Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts primarily related to the Japanese yen and Australian dollar, partially offset by favorable price realization. Lower sales volume was driven by lower sales of equipment to end users, primarily in China.

 

 

 

Construction Industries’ profit was $989 million in the second quarter of 2022, a decrease of $40 million, or 4%, compared with $1.029 billion in the second quarter of 2021. Favorable price realization was offset by unfavorable manufacturing costs and lower sales volume. Unfavorable manufacturing costs largely reflected higher material and freight costs.

 

 

 

RESOURCE INDUSTRIES

(Millions of dollars)

Segment Sales

 

 

Second

Sales

Price

 

Inter-

Second

$

%

 

Quarter 2021

Volume

Realization

Currency

Segment

Quarter 2022

Change

Change

Total Sales

$        2,547

$           140

$        317

$            (33)

$               (10)

$           2,961

$       414

16%

 

 

Sales by Geographic Region

 

Second

Quarter 2022

 

 

Second

Quarter 2021

 

 

$ Change

 

 

% Change

 

North America                    $        1,027       $           799       $        228                         29% Latin America                                   466                     487                   (21)                         (4%) EAME                                              489                     525                   (36)                         (7%) Asia/Pacific                                      913                     660                  253                         38% External Sales                              2,895                  2,471                  424                         17% Inter-segment                                    66                       76                   (10)                       (13%) Total Sales                         $        2,961       $        2,547       $        414                         16%

 

Segment Profit

 

 

Second

Quarter 2022

 

 

Second

Quarter 2021         Change

 

 

% Change

 

Segment Profit                    $           355       $           349       $            6                           2% Segment Profit Margin                    12.0 %               13.7 %             (1.7 pts)

 

 

Resource Industries’ total sales were $2.961 billion in the second quarter of 2022, an increase of $414 million, or

16%, compared with $2.547 billion in the second quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume. The increase in sales volume was due to higher sales of aftermarket parts.

 

Resource Industries’ profit was $355 million in the second quarter of 2022, an increase of $6 million, or 2%, compared with $349 million in the second quarter of 2021. Unfavorable manufacturing costs were offset by favorable price realization and higher sales volume. Unfavorable manufacturing costs largely reflected higher material and freight costs.

 

 

 

ENERGY & TRANSPORTATION

 

(Millions of dollars)

Segment Sales

 

 

Second

Sales

Price

 

Inter-

Second

$

%

 

Quarter 2021

Volume

Realization

Currency

Segment

Quarter 2022

Change

Change

Total Sales

$        4,975

$           363

$        260

$          (103)

$              210

$           5,705

$       730

15%

Sales by Application

 

 

 

 

 

 

 

 

 

Second

Second

$

%

 

 

 

 

 

Quarter 2022


Quarter 2021


Change


Change

 

 

Oil and Gas

$        1,232

$        1,137

$          95

8%

Power Generation

1,186

1,052

134

13%

Industrial

1,117

899

218

24%

Transportation

1,105

1,032

73

7%

External Sales

4,640

4,120

520

13%

Inter-segment

1,065

855

210

25%

Total Sales

$        5,705

$        4,975

$        730

15%

 

Segment Profit

 

 

 

 

 

Second

Quarter 2022

Second

Quarter 2021

 

Change

% Change

Segment Profit

$           659

$           738

$         (79)

(11%)

Segment Profit Margin

11.6 %

14.8 %

(3.2 pts)

 

 

Energy & Transportation’s total sales were $5.705 billion in the second quarter of 2022, an increase of $730 million, or 15%, compared with $4.975 billion in the second quarter of 2021. Sales increased across all applications and inter-segment sales.

 

 Oil and Gas – Sales increased due to higher sales of reciprocating engine aftermarket parts and engines used in well servicing and gas compression applications, primarily in North America, 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, reciprocating engine aftermarket parts and turbines and turbine-related services.

 

     Industrial – Sales were up due to higher sales volumes across all regions.

 

     Transportation – Sales increased in reciprocating engines aftermarket parts and rail services.

 

Energy & Transportation’s profit was $659 million in the second quarter of 2022, a decrease of $79 million, or 11%, compared with $738 million in the second quarter of 2021. The decrease was mainly due to unfavorable manufacturing costs and higher SG&A/R&D expenses, partially offset by favorable price realization and higher sales volume. Unfavorable manufacturing costs largely reflected higher material and freight costs. The increase in SG&A/R&D expenses was primarily driven by investments aligned with strategic initiatives and higher short-term incentive compensation expense.

 

 

 

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

Revenues by Geographic Region

 

 

Second

Quarter 2022

Second

Quarter 2021

 

$ Change

 

% Change

North America

$              505

$              488

$                17

3%

Latin America

87

65

22

34%

EAME

97

96

1

1%

Asia/Pacific

109

125

(16)

(13%)

Total Revenues

$              798

$              774

$                24

3%

 

Segment Profit

 

 

 

 

 

Second

Quarter 2022

Second

Quarter 2021

 

Change

% Change

Segment Profit

$              217

$              243

$               (26)

(11%)

 

Financial Products’ segment revenues were $798 million in the second quarter of 2022, an increase of $24 million, or 3%, compared with $774 million in the second quarter of 2021.The increase was primarily due to a favorable impact from returned or repossessed equipment in North America and higher average financing rates in Latin America, partially offset by lower average earning assets in Asia/Pacific.

 

Financial Products’ segment profit was $217 million in the second quarter of 2022, a decrease of $26 million, or

11%, compared with $243 million in the second quarter of 2021. The decrease was mainly due to an unfavorable impact from equity securities in Insurance Services and a higher provision for credit losses at Cat Financial, partially offset by a favorable impact from returned or repossessed equipment.

 

At the end of the second quarter of 2022, past dues at Cat Financial were 2.19%, compared with 2.58% at the end of the second quarter of 2021. The decrease in past dues was mostly driven by the Caterpillar Power Finance, EAME and North America portfolios. Write-offs, net of recoveries, were less than $1 million for the second quarter of

2022, compared with $54 million for the second quarter of 2021. As of June 30, 2022, Cat Financial's allowance for credit losses totaled $376 million, or 1.41% of finance receivables, compared with $357 million, or 1.29% of finance receivables at March 31, 2022. The increase in allowance for credit losses included a higher reserve for the Russia and Ukraine portfolios. The allowance for credit losses at year-end 2021 was $337 million, or 1.22% of finance receivables.

 

 

Corporate Items and Eliminations

 

Expense for corporate items and eliminations was $213 million in the second quarter of 2022, a decrease of $269 million from the second quarter of 2021, primarily driven by lower expenses due to timing differences, favorable impacts of segment reporting methodology and a favorable change in fair value adjustments related to deferred compensation plans, partially offset by higher corporate costs.

 

 

 

Notes

i.     Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.

ii.    Sales of equipment to end users is demonstrated by the company’s Rolling 3 Month Retail Sales Statistics filed in a Form

8-K on Tuesday, August 2, 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 Tuesday, August 2, 2022, to discuss its 2022 second-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 Fiedler_Ryan_S@cat.com

Caterpillar media contact: Rachel Potts, +1 309-573-3444 or Potts_Rachel_A@cat.com

 

 

 

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.

 

 

 

 

 

NON-GAAP FINANCIAL MEASURES


APPENDIX

 

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:

 

Provision

 

Operating

(Dollars in millions except per share data)                                                                          Profit

Operating Profit Margin

Profit Before Taxes

(Benefit) for Income Taxes

 

Effective

Tax Rate

 

 

Profit

 

Profit per

Share

 

Three Months Ended June 30, 2022 - U.S. GAAP

 

$         1,944

 

13.6 %

 

$         2,096

 

$            427

 

20.4 %

 

$         1,673

 

$           3.13

Restructuring costs

28

0.2 %

28

2

10.0 %

26

$           0.05

Three Months Ended June 30, 2022 - Adjusted

$         1,972

13.8 %

$         2,124

$            429

20.2 %

$         1,699

$           3.18

 

Three Months Ended June 30, 2021 - U.S. GAAP

$         1,789

 

13.9 %

$         1,870

$            470

 

25.1 %

$         1,413

 

$           2.56

Restructuring costs

25

0.2 %

25

3

15.0 %

22

$           0.04

Three Months Ended June 30, 2021 - Adjusted

$         1,814

14.1 %

$         1,895

$            473

25.0 %

$         1,435

$           2.60

 

Supplemental Consolidating 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 24 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

 

 

Condensed Consolidated Statement of Results of Operations

(Unaudited)

(Dollars in millions except per share data)

 

Three Months Ended

June 30,

 

 

 

 

 

Six Months Ended

June 30,

 

 

 

Sales and revenues:


2022              2021                    2022              2021

 

Sales of Machinery, Energy & Transportation

 

$       13,539

$       12,193

 

$       26,425

 

$     23,384

Revenues of Financial Products

708

696

 

1,411

 

1,392

Total sales and revenues

14,247

12,889

 

27,836

 

24,776

 

Operating costs:

Cost of goods sold

9,975

8,881

 

19,534

 

16,893

Selling, general and administrative expenses

1,425

1,364

 

2,771

 

2,603

Research and development expenses

480

446

 

937

 

820

Interest expense of Financial Products

120

116

 

226

 

241

Other operating (income) expenses

303

293

 

569

 

616

Total operating costs

12,303

11,100

 

24,037

 

21,173

 

Operating profit                                                                                                                  1,944

 

1,789

 

 

3,799

 

 

3,603

 

Interest expense excluding Financial Products

108

120

 

217

 

262

Other income (expense)

260

201

 

513

 

526

 

Consolidated profit before taxes

 

2,096

 

1,870

 

 

4,095

 

 

3,867

 

Provision (benefit) for income taxes

 

427

 

470

 

 

896

 

 

945

Profit of consolidated companies

1,669

1,400

 

3,199

 

2,922

 

Equity in profit (loss) of unconsolidated affiliated companies

 

4

 

14

 

 

11

 

 

23

 

Profit of consolidated and affiliated companies

 

1,673

 

1,414

 

 

3,210

 

 

2,945

 

Less: Profit (loss) attributable to noncontrolling interests

 

 

1

 

 

 

 

2

 

Profit 1

 

$         1,673

 

$         1,413

 

 

$         3,210

 

 

$       2,943

 

Profit per common share

 

$           3.15

 

$           2.58

 

 

$           6.03

 

 

$         5.38

Profit per common share — diluted 2

$           3.13

$           2.56

 

$           5.99

 

$         5.33

Weighted-average common shares outstanding (millions)

 

 

 

 

 

 

– Basic

531.0

547.9

 

532.6

 

547.1

– Diluted 2

534.1

552.1

 

536.1

 

551.8

1   Profit attributable to common shareholders.

2   Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

 

 

 

 

 

 

 

 

 

 

Assets

Current assets:


Condensed Consolidated Statement of Financial Position

(Unaudited) (Millions of dollars)

 

 

 

 

 

June 30,

2022

 

 

 

 

 

December 31,

2021

 

 

 

Caterpillar Inc.

Condensed Consolidated Statement of Cash Flow

(Unaudited) (Millions of dollars)

 

Six Months Ended June 30,

 

 

Cash flow from operating activities:


2022                      2021

 

Profit of consolidated and affiliated companies                                                                                                           $             3,210    $               2,945

Adjustments for non-cash items:

Depreciation and amortization                                                                                                                                           1,110                      1,173

Provision (benefit) for deferred income taxes                                                                                                                      (283)                          68

Other                                                                                                                                                                                       49                          (20) Changes in assets and liabilities, net of acquisitions and divestitures:

Receivables – trade and other                                                                                                                                              283                        (343) Inventories                                                                                                                                                                        (2,003)                    (1,179) Accounts payable                                                                                                                                                                  427                         893

Accrued expenses                                                                                                                                                                 (80)                          22

Accrued wages, salaries and employee benefits                                                                                                                 (445)                        618

Customer advances                                                                                                                                                              514                           49

Other assets – net                                                                                                                                                                   86                          (47) Other liabilities – net                                                                                                                                                            (322)                       (133)

Net cash provided by (used for) operating activities                                                                                                                         2,546                      4,046

Cash flow from investing activities:

Capital expenditures – excluding equipment leased to others                                                                                                     (586)                       (419) Expenditures for equipment leased to others                                                                                                                               (688)                       (681) Proceeds from disposals of leased assets and property, plant and equipment                                                                             468                         636

Additions to finance receivables                                                                                                                                                (6,705)                    (6,203) Collections of finance receivables                                                                                                                                               6,519                      5,580

Proceeds from sale of finance receivables                                                                                                                                      21                           27

Investments and acquisitions (net of cash acquired)                                                                                                                      (36)                       (398) Proceeds from sale of businesses and investments (net of cash sold)                                                                                             1                           28

Proceeds from sale of securities                                                                                                                                                 1,204                         276

Investments in securities                                                                                                                                                           (2,118)                       (500) Other – net                                                                                                                                                                                       32                          (63)

Net cash provided by (used for) investing activities                                                                                                                        (1,888)                    (1,717)

Cash flow from financing activities:

Dividends paid                                                                                                                                                                           (1,187)                    (1,126) Common stock issued, including treasury shares reissued                                                                                                               4                         123

Common shares repurchased                                                                                                                                                   (1,924)                       (251) Proceeds from debt issued (original maturities greater than three months)                                                                               4,015                      4,906

Payments on debt (original maturities greater than three months)                                                                                            (4,246)                    (5,966) Short-term borrowings – net (original maturities three months or less)                                                                                        (553)                     1,460

Other – net                                                                                                                                                                                                                   (2) Net cash provided by (used for) financing activities                                                                                                                        (3,891)                       (856) Effect of exchange rate changes on cash                                                                                                                                              (7)                            3

Increase (decrease) in cash, cash equivalents and restricted cash                                                                                        (3,240)                     1,476

Cash, cash equivalents and restricted cash at beginning of period                                                                                                 9,263                      9,366

Cash, cash equivalents and restricted cash at end of period                                                                                           $             6,023    $             10,842

 

Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

 

 

Operating costs:

Cost of goods sold

9,975

9,978

(3) 2

Selling, general and administrative expenses

1,425

1,261

167

(3) 2

Research and development expenses

480

480

Interest expense of Financial Products

120

120

Other operating (income) expenses

303

16

307

(20) 2

Total operating costs

12,303

11,735

594

(26)

 

Operating profit

 

Interest expense excluding Financial Products

108

108

 

Other income (expense)

260

180

(14)

94

3

 

Consolidated profit before taxes                                                                             2,096                          1,876                      220                         

 

Provision (benefit) for income taxes

427

374

53

Profit of consolidated companies

1,669

1,502

167

 

Equity in profit (loss) of unconsolidated affiliated companies

 

4

 

7

 

 

(3) 4

 

Profit of consolidated and affiliated companies

 

1,673

 

1,509

 

167

 

(3)

 

Less: Profit (loss) attributable to noncontrolling interests

 

 

 

3

 

(3) 5

 

Profit 6

 

$             1,673

 

$                    1,509

 

$               164

 

$                   

 

1  Elimination of Financial Products’ revenues earned from ME&T.

2  Elimination of net expenses recorded by ME&T paid to Financial Products.

3  Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4  Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries.

5  Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6  Profit attributable to common shareholders.

 

 

Operating costs:

Cost of goods sold

8,881

8,884

(3) 2

Selling, general and administrative expenses

1,364

1,210

159

(5) 2

Research and development expenses

446

446

Interest expense of Financial Products

116

116

Other operating (income) expenses

293

307

(14) 2

Total operating costs

11,100

10,540

582

(22)

 

Operating profit

 

Interest expense excluding Financial Products

120

120

Other income (expense)

201

445

28

(272) 3

 

Consolidated profit before taxes                                                                              1,870                       1,978                      242                      (350)

 

Provision (benefit) for income taxes

470

415

55

Profit of consolidated companies

1,400

1,563

187

(350)

 

Equity in profit (loss) of unconsolidated affiliated companies

14

17

(3) 4

 

Profit of consolidated and affiliated companies                                                     1,414                       1,580                      187                      (353)

 

Less: Profit (loss) attributable to noncontrolling interests

1

1

3

(3) 5

 

Profit 6                                                                                                                                                               $             1,413    $                 1,579    $               184    $               (350)

 

1  Elimination of Financial Products’ revenues earned from ME&T.

2  Elimination of net expenses recorded by ME&T paid to Financial Products.

3  Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

4  Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries.

5  Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6  Profit attributable to common shareholders.

 

 

 

Operating costs:

Cost of goods sold

19,534

19,538

(4) 2

Selling, general and administrative expenses

2,771

2,443

339

(11) 2

Research and development expenses

937

937

Interest expense of Financial Products

226

226

Other operating (income) expenses

569

(12)

621

(40) 2

Total operating costs

24,037

22,906

1,186

(55)

 

Operating profit                                                                                                          3,799                          3,519                      455                      (175)

 

Interest expense excluding Financial Products

217

217

 

Other income (expense)

513

337

1

175

3

 

Consolidated profit before taxes

4,095

3,639

456

 

Provision (benefit) for income taxes

 

896

 

786

 

110

 

Profit of consolidated companies

3,199

2,853

346

 

Equity in profit (loss) of unconsolidated affiliated companies

 

11

 

15

 

 

(4) 4

 

Profit of consolidated and affiliated companies

 

3,210

 

2,868

 

346

 

(4)

 

Less: Profit (loss) attributable to noncontrolling interests

 

 

 

4

 

(4) 5

 

Profit 6

 

$             3,210

 

$                    2,868

 

$               342

 

$                   

 

1  Elimination of Financial Products’ revenues earned from ME&T.

2  Elimination of net expenses recorded by ME&T paid to Financial Products.

3  Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and

Financial Products as well as dividends paid by Financial Products to ME&T.

4  Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries.

5  Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6  Profit attributable to common shareholders.

 

 

 

Operating costs:

Cost of goods sold

16,893

16,897

(4) 2

Selling, general and administrative expenses

2,603

2,324

283

(4) 2

Research and development expenses

820

820

Interest expense of Financial Products

241

241

Other operating (income) expenses

616

26

621

(31) 2

Total operating costs

21,173

20,067

1,145

(39)

 

Operating profit                                                                                                          3,603                          3,317                      439                      (153)

 

Interest expense excluding Financial Products

262

262

Other income (expense)

526

676

47

(197) 3

 

Consolidated profit before taxes                                                                              3,867                          3,731                      486                      (350)

 

Provision (benefit) for income taxes

945

827

118

Profit of consolidated companies

2,922

2,904

368

(350)

 

Equity in profit (loss) of unconsolidated affiliated companies

23

29

(6) 4

 

Profit of consolidated and affiliated companies                                                     2,945                          2,933                      368                      (356)

 

Less: Profit (loss) attributable to noncontrolling interests

2

2

6

(6) 5

 

Profit 6                                                                                                                                                               $             2,943    $                    2,931    $               362    $               (350)

 

1 Elimination of Financial Products’ revenues earned from ME&T.

2 Elimination of net expenses recorded by ME&T paid to Financial Products.

3  Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and

Financial Products as well as dividends paid by Financial Products to ME&T.

4 Elimination of equity profit (loss) earned from Financial Products’ subsidiaries partially owned by ME&T subsidiaries.

5 Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

6  Profit attributable to common shareholders.

 

 

 

At June 30, 2022 (Unaudited) (Millions of dollars)

 

Supplemental Consolidating Data

Machinery,

 

 

 

Assets

Current assets:

 

Consolidated

 

Energy & Transportation


Financial

Products


Consolidating

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Elimination of receivables between ME&T and Financial Products.

2

Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.

3

Elimination of ME&T's insurance premiums that are prepaid to Financial Products.

4

Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5

Elimination of other intercompany assets between ME&T and Financial Products.

6

Elimination of payables between ME&T and Financial Products.

7

Elimination of prepaid insurance in Financial Products’ other liabilities.

8

Elimination of debt between ME&T and Financial Products.

9

Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries.

 

 

At December 31, 2021 (Unaudited)

(Millions of dollars)

 

Supplemental Consolidating Data

Machinery,

 

 

 

Assets

Current assets:

 

Consolidated

 

Energy & Transportation


Financial

Products


Consolidating

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Elimination of receivables between ME&T and Financial Products.

2

Reclassification of ME&T’s trade receivables purchased by Financial Products and Financial Products’ wholesale inventory receivables.

3

Elimination of ME&T’s insurance premiums that are prepaid to Financial Products.

4

Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

5

Elimination of other intercompany assets between ME&T and Financial Products.

6

Elimination of payables between ME&T and Financial Products.

7

Elimination of prepaid insurance in Financial Products’ other liabilities.

8

Elimination of debt between ME&T and Financial Products.

9

Eliminations associated with ME&T’s investments in Financial Products’ subsidiaries.

 

Profit of consolidated and affiliated companies

 

$                 3,210

$                 2,868

$                    346

$                      (4)

1

Adjustments for non-cash items:

 

 

 

 

 

Depreciation and amortization

1,110

715

395

 

Provision (benefit) for deferred income taxes

(283)

(232)

(51)

 

Other

49

(54)

(93)

196

2

Changes in assets and liabilities, net of acquisitions and divestitures:

Receivables – trade and other                                                                                                  283                            (32)                             12                            303   2,3

Inventories

(2,003)

 

(2,003)

 

 

 

Accounts payable

427

 

396

 

11

 

20

2

Accrued expenses

(80)

 

(89)

 

9

 

 

Accrued wages, salaries and employee benefits

(445)

 

(428)

 

(17)

 

 

Customer advances

514

 

515

 

(1)

 

 

Other assets – net

86

 

(44)

 

(25)

 

155

2

Other liabilities – net

(322)

 

(323)

 

149

 

(148)

2

Net cash provided by (used for) operating activities

2,546

 

1,289

 

735

 

522

 

Cash flow from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures – excluding equipment leased to others

(586)

 

(583)

 

(5)

 

2

2

Expenditures for equipment leased to others

(688)

 

(11)

 

(683)

 

6

2

Proceeds from disposals of leased assets and property, plant and equipment

468

 

43

 

433

 

(8)

2

Additions to finance receivables

(6,705)

 

 

(7,175)

 

470

3

Collections of finance receivables

6,519

 

 

6,896

 

(377)

3

Net intercompany purchased receivables

 

 

615

 

(615)

3

Proceeds from sale of finance receivables

21

 

 

21

 

 

Net intercompany borrowings

 

 

3

 

(3)

4

Investments and acquisitions (net of cash acquired)

(36)

 

(36)

 

 

 

Proceeds from sale of businesses and investments (net of cash sold)

1

 

1

 

 

 

Proceeds from sale of securities

1,204

 

1,014

 

190

 

 

Investments in securities

(2,118)

 

(1,724)

 

(394)

 

 

Other – net

32

 

58

 

(26)

 

 

Net cash provided by (used for) investing activities

(1,888)

 

(1,238)

 

(125)

 

(525)

 

Cash flow from financing activities:

 

 

 

 

 

 

 

 

Dividends paid

(1,187)

 

(1,187)

 

 

 

Common stock issued, including treasury shares reissued

4

 

4

 

 

 

Common shares repurchased

(1,924)

 

(1,924)

 

 

 

Net intercompany borrowings

 

(3)

 

 

3

4

Proceeds from debt issued > 90 days

4,015

 

 

4,015

 

 

Payments on debt > 90 days

(4,246)

 

(13)

 

(4,233)

 

 

Short-term borrowings – net < 90 days

(553)

 

(141)

 

(412)

 

 

Net cash provided by (used for) financing activities

(3,891)

 

(3,264)

 

(630)

 

3

 

Effect of exchange rate changes on cash

(7)

 

 

(7)

 

 

Increase (decrease) in cash, cash equivalents and restricted cash

(3,240)

 

(3,213)

 

(27)

 

 

Cash, cash equivalents and restricted cash at beginning of period

9,263

 

8,433

 

830

 

 

Cash, cash equivalents and restricted cash at end of period

$                 6,023

 

$                 5,220

 

$                    803

 

$                      

 

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.

 

Profit of consolidated and affiliated companies

Adjustments for non-cash items: Depreciation and amortization

$                 2,945

 

1,173

$                 2,933

 

772

$                    368

 

401

$                   (356)

 

1,5

Provision (benefit) for deferred income taxes

68

111

(43)

 

Other

(20)

74

(169)

75

2

Changes in assets and liabilities, net of acquisitions and divestitures:

Receivables – trade and other

(343)

(206)

11

(148)

2,3

Inventories

(1,179)

(1,180)

1

2

Accounts payable

893

871

2

20

2

Accrued expenses

22

93

(71)

 

Accrued wages, salaries and employee benefits

618

593

25

 

Customer advances

49

49

 

Other assets – net

(47)

(154)

15

92

2

Other liabilities – net

(133)

(157)

97

(73)

2

Net cash provided by (used for) operating activities

4,046

3,799

636

(389)

 

Cash flow from investing activities:

 

 

 

 

 

Capital expenditures – excluding equipment leased to others

(419)

(417)

(7)

5

2

Expenditures for equipment leased to others

(681)

(13)

(670)

2

2

Proceeds from disposals of leased assets and property, plant and equipment

636

49

595

(8)

2

Additions to finance receivables

(6,203)

(6,680)

477

3

Collections of finance receivables

5,580

6,095

(515)

3

Net intercompany purchased receivables

(78)

78

3

Proceeds from sale of finance receivables

27

27

 

Net intercompany borrowings

1,000

2

(1,002)

4

Investments and acquisitions (net of cash acquired)

(398)

(398)

 

Proceeds from sale of businesses and investments (net of cash sold)

28

28

 

Proceeds from sale of securities

276

35

241

 

Investments in securities

(500)

(225)

(275)

 

Other – net

(63)

26

(89)

 

Net cash provided by (used for) investing activities

(1,717)

85

(839)

(963)

 

Cash flow from financing activities:

 

 

 

 

 

Dividends paid

(1,126)

(1,126)

(350)

350

5

Common stock issued, including treasury shares reissued

123

123

 

Common shares repurchased

(251)

(251)

 

Net intercompany borrowings

(2)

(1,000)

1,002

4

Proceeds from debt issued > 90 days

4,906

494

4,412

 

Payments on debt > 90 days

(5,966)

(1,902)

(4,064)

 

Short-term borrowings – net < 90 days

1,460

(6)

1,466

 

Other – net

(2)

(2)

 

Net cash provided by (used for) financing activities

(856)

(2,672)

464

1,352

 

Effect of exchange rate changes on cash

3

(5)

8

 

Increase (decrease) in cash, cash equivalents and restricted cash

1,476

1,207

269

 

Cash, cash equivalents and restricted cash at beginning of period

9,366

8,822

544

 

Cash, cash equivalents and restricted cash at end of period

$               10,842

$               10,029

$                    813

$                      

 

 

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.

5    Elimination of dividend activity between Financial Products and ME&T.

 

 

 

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

 

 

Machines and E&T Combined

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

3rd Quarter 2021

World

DOWN 3%

UP 2%

UP 7%

UP 14%

 

Machines

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

3rd Quarter 2021

Asia/Pacific

DOWN 14%

DOWN 18%

DOWN 8%

DOWN 4%

EAME

DOWN 3%

UP 10%

UP 24%

UP 22%

Latin America

UP 18%

DOWN 1%

UP 15%

UP 57%

North America

DOWN 3%

UP 17%

UP 1%

UP 19%

World

DOWN 4%

UP 3%

UP 5%

UP 17%

Resource Industries (RI)

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

3rd Quarter 2021

Asia/Pacific

UP 3%

UP 23%

UP 47%

UP 18%

EAME

DOWN 1%

UP 17%

UP 13%

UP 20%

Latin America

DOWN 4%

DOWN 34%

DOWN 20%

UP 130%

North America

DOWN 7%

UP 36%

DOWN 7%

UP 30%

World

DOWN 2%

UP 13%

UP 10%

UP 33%

Construction Industries (CI)

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

3rd Quarter 2021

Asia/Pacific

DOWN 21%

DOWN 31%

DOWN 23%

DOWN 10%

EAME

DOWN 3%

UP 8%

UP 29%

UP 23%

Latin America

UP 28%

UP 25%

UP 40%

UP 31%

North America

DOWN 3%

UP 14%

UP 3%

UP 17%

World

DOWN 4%

UNCHANGED

UP 4%

UP 12%

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:

 

Energy & Transportation (E&T)

2nd Quarter 2022

1st Quarter 2022

4th Quarter 2021

3rd Quarter 2021

Power Gen

UP 7%

DOWN 10%

UP 3%

DOWN 8%

Industrial

UP 19%

UP 26%

UP 30%

UP 36%

Transportation

DOWN 9%

UP 50%

UP 42%

DOWN 12%

Oil & Gas

DOWN 13%

DOWN 12%

UP 9%

UP 21%

Total

UNCHANGED

DOWN 1%

UP 12%

UP 8%

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:

 

· asphalt pavers

· backhoe loaders

· compactors

· cold planers

· compact track and multi-terrain loaders

· forestry machines

· material handlers

· motorgraders

· pipelayers

· road reclaimers

· skid steer loaders

· small and medium track-type tractors

· track-type loaders

· wheel excavators

· compact, small and medium wheel loaders

· mini, small, medium

and large track excavators

· telehandlers

 

 

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, generator sets, 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:

 

· electric rope shovels

· draglines

· hydraulic shovels

· rotary drills

· longwall miners

· large wheel loaders

· off-highway trucks

· articulated trucks

· landfill compactors

· soil compactors

· machinery components

· autonomous ready vehicles and

· hard rock vehicles

· large track-type tractors

· large mining trucks

· wheel tractor scrapers

· wheel dozers

solutions

 

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.


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Document : Caterpillar Inc.: Files Form 8-K - 2Q 2022 Earnings Releaser & Retail Stats




Langue : Français
Entreprise : Caterpillar Inc.
510 Lake Cook Road, Suite 100
60015 Deerfield, Illinois
États-Unis
Téléphone : 224-551-4000
Internet : www.caterpillar.com
ISIN : US1491231015
Ticker Euronext : CATR
Catégorie AMF : Informations privilégiées / Communiqué sur comptes, résultats
EQS News ID : 1413809
 
Fin du communiqué EQS News-Service

1413809  04-Aou-2022 CET/CEST

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