Caterpillar Inc.: Files Form 8-K 1Q 2021 Earnings Release & Retail Statistics
Caterpillar Inc. Caterpillar Inc.: Files Form 8-K 1Q 2021 Earnings Release & Retail Statistics Information réglementaire transmise par EQS Group. Le contenu de ce communiqué est de la responsabilité de l'émetteur. 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 29, 2021 CATERPILLAR INC. (Exact name of registrant as specified in its charter) Delaware 1-768 37-0602744 (State or other jurisdiction of (Commission File (I.R.S Employer Identification No.) 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 ☐ 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) CAT The New York Stock Exchange 8% Debentures due February 15, 2023 CAT23 The New York Stock Exchange 5.3% Debentures due September 15, 2035 CAT35 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 April 29, 2021, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended March 30, 2021. 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 29, 2021 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 29, 2021 By: /s/ Suzette M. Long Suzette M. Long Chief Legal Officer and General Counsel
Exhibit 99.1 Caterpillar Inc. 1Q 2021 Earnings Release April 29, 2021 FOR IMMEDIATE RELEASE Caterpillar Reports First-Quarter 2021 Results
DEERFIELD, Ill. - Caterpillar Inc. (NYSE: CAT) today announced first-quarter 2021 sales and revenues of $11.9 billion, a 12% increase compared with $10.6 billion in the first quarter of 2020. The increase was due to higher sales volume driven by higher end-user demand and the impact from changes in dealer inventories. Dealers increased their inventories more during the first quarter of 2021 than during the first quarter of 2020. Operating profit margin was 15.3% for the first quarter of 2021, compared with 13.2% for the first quarter of 2020. First-quarter 2021 profit per share was $2.77, compared with $1.98 profit per share in the first quarter of 2020. Adjusted profit per share in the first quarter of 2021 was $2.87, compared with first-quarter 2020 adjusted profit per share of $1.65. Adjusted profit per share for both quarters excluded restructuring costs, while the first quarter of 2020 also excluded a remeasurement gain of $0.38 per share resulting from the settlement of a non-U.S. pension obligation. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 12. For the three months ended March 31, 2021, enterprise operating cash flow was $1.9 billion. Caterpillar ended the first quarter with $11.3 billion of enterprise cash. "I'm proud of our global team's strong performance as they continue to serve our customers," said Caterpillar Chairman and CEO Jim Umpleby. "We're encouraged by improving conditions in our end markets and are proactively managing supply chain risks. Our dedicated team continues to execute our strategy for long-term profitable growth." (more)
2 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 2020 (at left) and the first quarter of 2021 (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 2021 were $11.887 billion, an increase of $1.252 billion, or 12%, compared with $10.635 billion in the first quarter of 2020. The increase was primarily due to higher sales volume and favorable currency impacts related to the euro and the Australian dollar. The increase in sales volume was driven by higher end-user demand and the impact from changes in dealer inventories. Dealers increased inventories by $700 million during the first quarter of 2021 compared to $100 million during the first quarter of 2020. Sales were higher across the three primary segments. Sales increased in Asia/Pacific, Latin America and EAME while sales in North America were about flat. Sales and Revenues by Segment
(more)
3 Sales and Revenues by Geographic Region External Sales Total Sales North America Latin America EAME Asia/Pacific and Revenues Inter-Segment and Revenues
(Millions of dollars) $ % Chg $ % Chg $ % Chg $ % Chg $ % Chg $ % Chg $ % Chg First Quarter 2021 Construction Industries $ 2,126 2% $ 392 48% $ 1,081 22% $ 1,842 72% $ 5,441 26% $ 18 400% $ 5,459 27% Resource Industries 657 (6%) 405 27% 474 20% 561 (1%) 2,097 6% 119 13% 2,216 6% Energy & Transportation 1,782 3% 256 3% 1,093 4% 527 (9%) 3,658 1% 849 16% 4,507 4% All Other Segment 13 160% - (100%) 3 (73%) 22 120% 38 36% 92 14% 130 19% Corporate Items and Eliminations (39) - - (4) (43) (1,078) (1,121) Machinery, Energy & Transportation 4,539 1% 1,053 26% 2,651 13% 2,948 32% 11,191 13% - -% 11,191 13% Financial Products Segment 476 (9%) 62 (11%) 100 (2%) 123 5% 761 (7%) - -% 761 (7%) Corporate Items and Eliminations (24) (11) (8) (22) (65) - (65) Financial Products Revenues 452 (4%) 51 (12%) 92 (1%) 101 2% 696 (3%) - -% 696 (3%) Consolidated Sales and Revenues $ 4,991 -% $ 1,104 24% $ 2,743 13% $ 3,049 31% $ 11,887 12% $ - -% $ 11,887 12% First Quarter 2020 Construction Industries $ 2,085 $ 265 $ 889 $ 1,073 $ 4,312 $ (6) $ 4,306 Resource Industries 696 320 395 568 1,979 105 2,084 Energy & Transportation 1,738 249 1,053 578 3,618 731 4,349 All Other Segment 5 2 11 10 28 81 109 Corporate Items and Eliminations (15) (2) (4) (2) (23) (911) (934) Machinery, Energy & Transportation 4,509 834 2,344 2,227 9,914 - 9,914 Financial Products Segment 525 70 102 117 814 - 814 Corporate Items and Eliminations (54) (12) (9) (18) (93) - (93) Financial Products Revenues 471 58 93 99 721 - 721 Consolidated Sales and Revenues $ 4,980 $ 892 $ 2,437 $ 2,326 $ 10,635 $ - $ 10,635
(more)
4 Consolidated Operating Profit
The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2020 (at left) and the first quarter of 2021 (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 2021 was $1.814 billion, an increase of $410 million, or 29%, compared with $1.404 billion in the first quarter of 2020. The increase was primarily due to higher sales volume and higher profit from Financial Products, partially offset by higher selling, general and administrative (SG&A) and research and development (R&D) expenses, unfavorable price realization and higher manufacturing costs. The increase in SG&A/R&D expenses was driven by higher short-term incentive compensation expense, which was reinstated in 2021. Unfavorable manufacturing costs were driven by higher short-term incentive compensation expense, partially offset by favorable material costs and lower warranty expense. Profit (Loss) by Segment
(more)
5 Other Profit/Loss and Tax Items
The company experienced foreign currency exchange net gains in the first quarter of 2021 across several currencies, compared with net losses in the first quarter of 2020. The favorable impact of unrealized gains (losses) on marketable securities was due to unrealized losses in the first quarter of 2020, compared with unrealized gains in the first quarter of 2021. The company experienced net losses in commodity hedges in the first quarter of 2020, compared with net gains in the first quarter of 2021.
In addition, a discrete tax benefit of $43 million was recorded in the first quarter of 2021, compared with an $8 million benefit in the first quarter of 2020, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. A $43 million tax charge was also recorded in the first quarter of 2020 related to the $254 million remeasurement gain resulting from the settlement of a non-U.S. pension obligation.
(more)
6 CONSTRUCTION INDUSTRIES (Millions of dollars) Segment Sales First Quarter Sales Price Inter- First Quarter $ % 2020 Volume Realization Currency Segment 2021 Change Change Total Sales $ 4,306 $ 1,006 $ (23) $ 146 $ 24 $ 5,459 $ 1,153 27% Sales by Geographic Region First Quarter First Quarter $ % 2021 2020 Change Change
Segment Profit $ 1,035 $ 640 $ 395 62% Segment Profit Margin 19.0 % 14.9 % 4.1 pts Construction Industries' total sales were $5.459 billion in the first quarter of 2021, an increase of $1.153 billion, or 27%, compared with $4.306 billion in the first quarter of 2020. The increase was due to higher sales volume driven by higher end-user demand and the impact from changes in dealer inventories. Overall, dealers increased inventories more during the first quarter of 2021 than during the first quarter of 2020.
Construction Industries' profit was $1.035 billion in the first quarter of 2021, an increase of $395 million, or 62%, compared with $640 million in the first quarter of 2020. The increase was mainly due to higher sales volume.
(more)
7 RESOURCE INDUSTRIES (Millions of dollars) Segment Sales First Quarter Sales Price Inter- First Quarter $ % 2020 Volume Realization Currency Segment 2021 Change Change Total Sales $ 2,084 $ 132 $ (47) $ 33 $ 14 $ 2,216 $ 132 6% Sales by Geographic Region First Quarter First Quarter $ % 2021 2020 Change Change
Segment Profit First Quarter First Quarter % 2021 2020 Change Change Segment Profit $ 328 $ 304 $ 24 8% Segment Profit Margin 14.8 % 14.6 % 0.2 pts Resource Industries' total sales were $2.216 billion in the first quarter of 2021, an increase of $132 million, or 6%, compared with $2.084 billion in the first quarter of 2020. The increase was due to higher sales volume driven by the impacts of changes in dealer inventories, higher end-user demand for equipment and aftermarket parts and favorable currency impact from the Australian dollar, partially offset by unfavorable price realization. Dealers decreased inventories during the first quarter of 2020, compared to remaining about flat during the first quarter of 2021. End-user demand was higher in mining, offset by lower end-user demand in heavy construction and quarry and aggregates. Resource Industries' profit was $328 million in the first quarter of 2021, an increase of $24 million, or 8%, compared with $304 million in the first quarter of 2020. The increase was mainly due to favorable manufacturing costs and higher sales volume, partially offset by unfavorable price realization and higher SG&A/R&D expenses. Favorable manufacturing costs reflected favorable cost absorption, lower warranty expense and favorable variable labor and burden. Cost absorption was favorable as company inventory increased more in the first quarter of 2021 than in the first quarter of 2020. The increase in SG&A/R&D expenses was driven by higher short-term incentive compensation expense, partially offset by other cost-reduction actions.
(more)
8 ENERGY & TRANSPORTATION (Millions of dollars) Segment Sales First Quarter Sales Price Inter- First Quarter $ % 2020 Volume Realization Currency Segment 2021 Change Change Total Sales $ 4,349 $ (41) $ 7 $ 74 $ 118 $ 4,507 $ 158 4% Sales by Application First Quarter First Quarter $ % 2021 2020 Change Change
Segment Profit First Quarter First Quarter % 2021 2020 Change Change Segment Profit $ 666 $ 602 $ 64 11% Segment Profit Margin 14.8 % 13.8 % 1.0 pts Energy & Transportation's total sales were $4.507 billion in the first quarter of 2021, an increase of $158 million, or 4%, compared with $4.349 billion in the first quarter of 2020. Sales growth was driven by Power Generation and Oil and Gas, partially offset by a decrease in Transportation. Inter-segment sales also increased.
Energy & Transportation's profit was $666 million in the first quarter of 2021, an increase of $64 million, or 11%, compared with $602 million in the first quarter of 2020. The increase was due to higher sales volume including inter-segment sales and favorable variable manufacturing costs, partially offset by higher SG&A/R&D expenses. Favorable variable manufacturing costs reflected lower material costs and variable labor and burden. The increase in SG&A/R&D expenses was driven by higher short-term compensation expense, partially offset by other cost reduction actions.
(more)
9 FINANCIAL PRODUCTS SEGMENT (Millions of dollars) Revenues by Geographic Region
Financial Products' segment revenues were $761 million in the first quarter of 2021, a decrease of $53 million, or 7%, from the first quarter of 2020. The decrease was primarily because of lower average financing rates and lower average earning assets in North America. Financial Products' segment profit was $244 million in the first quarter of 2021, compared with $105 million in the first quarter of 2020. The increase was primarily due to a favorable impact from equity securities in Insurance Services and lower provision for credit losses at Cat Financial, partially offset by an increase in SG&A expenses primarily due to higher incentive compensation. The impact of lower average financing rates was offset by lower interest expense. At the end of the first quarter of 2021, past dues at Cat Financial were 2.90%, compared with 4.13% at the end of the first quarter of 2020. Past dues decreased across all portfolio segments as global markets generally improved. Write-offs, net of recoveries, were $24 million for the first quarter of 2021, compared with $30 million for the first quarter of 2020. As of March 31, 2021, Cat Financial's allowance for credit losses totaled $441 million, or 1.64% of finance receivables, compared with $479 million, or 1.77% of finance receivables at December 31, 2020. Corporate Items and Eliminations Expense for corporate items and eliminations was $387 million in the first quarter of 2021, an increase of $222 million from the first quarter of 2020, primarily due to an unfavorable change in fair value adjustments related to deferred compensation plans and segment reporting methodology differences.
(more)
10
Notes
About Caterpillar With 2020 sales and revenues of $41.7 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Since 1925, we've been driving sustainable progress and helping customers build a better world through innovative products and services. Throughout the product life cycle, we offer services built on cutting-edge technology and decades of product expertise. These products and services, backed by our global dealer network, provide exceptional value to help our customers succeed. We do 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/social-media. 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: Jennifer Driscoll, +1 224-551-4382 or Driscoll [email protected] Caterpillar media contact: Kate Kenny, +1 309-361-9333 or Kenny [email protected]
(more)
11
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.
(more)
12 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 two significant items in order for the company's results to be meaningful to readers. These items consist of (i) a remeasurement gain resulting from the settlement of a non-U.S. pension obligation in the first quarter of 2020 and (ii) restructuring costs, which were incurred to generate longer-term benefits. The company does not consider these items 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 2021, 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: Three Months Ended March 31, 2020 - US GAAP $ 1,404 13.2 % $ 1,513 $ 425 28.1 % $ 1,092 $ 1.98 Remeasurement gain of a non-U.S. pension obligation Restructuring costs Three Months Ended March 31, 2020 - Adjusted 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. (more)
13
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.
(more)
14 Caterpillar Inc.
1 Profit attributable to common shareholders. 2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method. (more)
15 Caterpillar Inc.
(more)
16 Caterpillar Inc.
All short-term investments, which consist primarily of highly liquid investments with original maturities of three months or less, are considered to be cash equivalents.
17 Caterpillar Inc.
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. (more)
18 Caterpillar Inc.
2 Elimination of net expenses recorded by ME&T paid to Financial Products. 3 Elimination of interest expense recorded between Financial Products and ME&T. 4 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. 5 Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries. 6 Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries. 7 Profit attributable to common shareholders. (more)
19 Caterpillar Inc.
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. (more)
20 Caterpillar Inc.
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 debt between ME&T and Financial Products. 7 Elimination of payables between ME&T and Financial Products. 8 Elimination of prepaid insurance in Financial Products' other liabilities. 9 Eliminations associated with ME&T's investments in Financial Products' subsidiaries. (more)
21 Caterpillar Inc.
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. (more)
22 Caterpillar Inc.
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 total 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.
Quarterly Retail Sales Statistics
Reported in constant dollars and based on unit sales as reported primarily by dealers. Energy & Transportation Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year:
Reported in constant 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 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:
multi-terrain loaders · skid steer loaders medium wheel loaders
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 Total 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 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, quarry, waste and material handling applications. 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 Total Machines.
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. Fichier PDF dépôt réglementaire Document : Caterpillar Inc.: Files Form 8-K 1Q 2021 Earnings Release & Retail Statistics |
|
|
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 : | 1196126 |
Fin du communiqué | EQS News-Service |
|
1196126 13-Mai-2021 CET/CEST