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Caterpillar Inc.: Files Form 8-K 1Q 2022 Earnings Release

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Caterpillar Inc.
Caterpillar Inc.: Files Form 8-K 1Q 2022 Earnings Release

28-Apr-2022 / 15:06 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):                  April 28, 2022

CATERPILLAR INC.

(Exact name of registrant as specified in its charter)

 

Delaware                                           1-768                                           37-0602744

 

(State or other jurisdiction of incorporation)


(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 April 28, 2022, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended March

31, 2022.  A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.

 

Item 7.01. Regulation FD Disclosure.

Caterpillar Inc. is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii)

retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.

 

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d)      Exhibits:

 

The following is furnished as an exhibit to this report:

 

99.1      Caterpillar Inc. press release dated April 28, 2022

 

99.2      Retail Statistics

 

104       The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

CATERPILLAR INC.

 

 

 

April 28, 2022                                                                        By:      /s/ Suzette M. Long

Suzette M. Long

Chief Legal Officer and General Counsel

 

 

 

Caterpillar Inc.

1Q 2022 Earnings Release


Exhibit 99.1

 

 

April 28, 2022

 

 

FOR IMMEDIATE RELEASE

 

Caterpillar Reports First-Quarter 2022 Results

 

 

 

 

 

 

   First-quarter 2022 sales and revenues increased

14% to $13.6 billion

   First-quarter 2022 profit per share of $2.86;

adjusted profit per share of $2.88

 

   Returned $1.4 billion to shareholders through share repurchases and dividends in the quarter

 

 

DEERFIELD, Ill. - Caterpillar Inc. (NYSE: CAT) announced first-quarter 2022 sales and revenues of $13.6 billion, a

14% increase compared with $11.9 billion in the first quarter of 2021. The increase was primarily due to higher

sales volume, driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories, as well as favorable price realization. Dealers increased inventories more during the first quarter of

2022 than during the first quarter of 2021.

 

Operating profit margin was 13.7% for the first quarter of 2022, compared with 15.3% for the first quarter of 2021. First-quarter 2022 profit per share was $2.86, compared with first-quarter 2021 profit per share of $2.77. Adjusted profit per share in the first quarter of 2022 was $2.88, compared with first-quarter 2021 adjusted profit per share of

$2.87. Adjusted profit per share for both quarters excluded restructuring costs. Please see a reconciliation of GAAP

to non-GAAP financial measures in the appendix on page 13.

 

For the three months ended March 31, 2022, enterprise operating cash flow was $0.3 billion and the company ended the first quarter with $6.5 billion of enterprise cash. The company paid about $1.3 billion of short-term incentive compensation in the quarter, which was reinstated in 2021. In the quarter, the company repurchased $0.8 billion of Caterpillar common stock and paid dividends of $0.6 billion.

 

"I'm proud of our global team's performance as they achieved double-digit sales growth despite ongoing supply chain challenges. We remain focused on supporting our customers and executing our strategy for long-term profitable growth," said Chairman and CEO Jim Umpleby. "Our strong balance sheet allowed us to repurchase shares and pay dividends totaling $1.4 billion in the quarter."

 

 

 

CONSOLIDATED RESULTS

 

Consolidated Sales and Revenues

 

 

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2021 (at left) and the first quarter of 2022 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees.

 

Total sales and revenues for the first quarter of 2022 were $13.589 billion, an increase of $1.702 billion, or 14%, compared with $11.887 billion in the first quarter of 2021. The increase was due to higher sales volume and favorable price realization, partially offset by unfavorable currency impacts primarily related to the euro, Australian dollar and Japanese yen. The increase in sales volume was driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories. Dealers increased inventories by $1.3 billion during the first quarter of 2022, compared with an increase of $700 million during the first quarter of 2021.

 

Sales were higher across the three primary segments.

 

Sales and Revenues by Segment

 

 

 

(Millions of dollars)

First

Quarter

2021

 

Sales

Volume

 

Price

Realization

 

 

Currency

 

Inter- Segment / Other

 

First

Quarter

2022

 

$ Change

 

% Change

 

Construction Industries

 

$          5,459

 

$             325

 

$             421

 

$            (101)

 

$               11

 

 

$          6,115

 

$             656

 

12%

Resource Industries

2,178

527

169

(34)

(10)

 

2,830

652

30%

Energy & Transportation

4,507

333

115

(74)

157

 

5,038

531

12%

All Other Segment

130

2

-

(1)

(13)

 

118

(12)

(9%)

Corporate Items and Eliminations

(1,083)

15

(1)

(1)

(145)

 

(1,215)

(132)

 

Machinery, Energy & Transportation

11,191

1,202

704

(211)

-

 

12,886

1,695

15%

 

Financial Products Segment

 

761

 

-

 

-

 

-

 

22

 

 

783

 

22

 

3%

Corporate Items and Eliminations

(65)

-

-

-

(15)

 

(80)

(15)

 

Financial Products Revenues

696

-

-

-

7

 

703

7

1%

Consolidated Sales and Revenues

$        11,887

$          1,202

$             704

$            (211)

$                 7

 

$        13,589

$          1,702

14%

 

 

 

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

First Quarter 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Industries

$  2,720

28%

 

$     627

60%

 

$  1,277

18%

 

$  1,462

(21%)

 

$  6,086

12%

 

$       29

61%

 

$  6,115

12%

Resource Industries

1,018

55%

 

399

(1%)

 

594

25%

 

748

33%

 

2,759

32%

 

71

(12%)

 

2,830

30%

Energy & Transportation

1,938

9%

 

310

21%

 

1,184

8%

 

600

14%

 

4,032

10%

 

1,006

18%

 

5,038

12%

All Other Segment

18

38%

 

-

-%

 

5

67%

 

16

(27%)

 

39

3%

 

79

(14%)

 

118

(9%)

Corporate Items and Eliminations

(24)

 

 

1

 

 

(2)

 

 

(5)

 

 

(30)

 

 

(1,185)

 

 

(1,215)

 

Machinery, Energy & Transportation

5,670

25%

 

1,337

27%

 

3,058

15%

 

2,821

(4%)

 

12,886

15%

 

-

-%

 

12,886

15%

 

Financial Products Segment

 

503

 

6%

 

 

73

 

18%

 

 

96

 

(4%)

 

 

111

 

(10%)

 

 

783

 

3%

 

 

-

 

-%

 

 

783

 

3%

Corporate Items and Eliminations

(36)

 

 

(17)

 

 

(9)

 

 

(18)

 

 

(80)

 

 

-

 

 

(80)

 

Financial Products Revenues

467

3%

 

56

10%

 

87

(5%)

 

93

(8%)

 

703

1%

 

-

-%

 

703

1%

Consolidated Sales and Revenues

$  6,137

23%

 

$  1,393

26%

 

$  3,145

15%

 

$  2,914

(4%)

 

$ 13,589

14%

 

$        -

-%

 

$ 13,589

14%

 

First Quarter 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Industries

$  2,126

 

 

$     392

 

 

$  1,081

 

 

$  1,842

 

 

$  5,441

 

 

$       18

 

 

$  5,459

 

Resource Industries

657

 

 

405

 

 

474

 

 

561

 

 

2,097

 

 

81

 

 

2,178

 

Energy & Transportation

1,782

 

 

256

 

 

1,093

 

 

527

 

 

3,658

 

 

849

 

 

4,507

 

All Other Segment

13

 

 

-

 

 

3

 

 

22

 

 

38

 

 

92

 

 

130

 

Corporate Items and Eliminations

(39)

 

 

-

 

 

-

 

 

(4)

 

 

(43)

 

 

(1,040)

 

 

(1,083)

 

Machinery, Energy & Transportation

4,539

 

 

1,053

 

 

2,651

 

 

2,948

 

 

11,191

 

 

-

 

 

11,191

 

 

Financial Products Segment

 

476

 

 

62

 

 

100

 

 

123

 

 

761

 

 

-

 

 

761

Corporate Items and Eliminations

(24)

 

(11)

 

(8)

 

(22)

 

(65)

 

-

 

(65)

Financial Products Revenues

452

 

51

 

92

 

101

 

696

 

-

 

696

Consolidated Sales and Revenues

$  4,991

 

$  1,104

 

$  2,743

 

$  3,049

 

$ 11,887

 

$        -

 

$ 11,887

 

 

 

 

 

Consolidated Operating Profit

 

The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2021 (at left) and the first quarter of 2022 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation's other operating (income) expenses.

 

Operating profit for the first quarter of 2022 was $1.855 billion, an increase of $41 million, or 2%, compared with

$1.814 billion in the first quarter of 2021. Unfavorable manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses were more than offset by favorable price realization and higher sales volume.

 

Unfavorable manufacturing costs primarily reflected higher material and freight costs. The increase in SG&A/R&D

expenses was mainly driven by investments aligned with the company's strategy for profitable growth.

 

Profit by Segment

 

 

First Quarter

 

 

First Quarter

 

 

$

 

 

%

(Millions of dollars)

2022

2021

Change

Change

Construction Industries

$                  1,057

$                  1,042

$                       15

1%

Resource Industries

361

312

49

16%

Energy & Transportation

538

675

(137)

(20%)

All Other Segment

3

3

-

-%

Corporate Items and Eliminations

(244)

(368)

124

 

Machinery, Energy & Transportation

1,715

1,664

51

3%

Financial Products Segment

238

244

(6)

(2%)

Corporate Items and Eliminations

(17)

(19)

2

 

Financial Products

221

225

(4)

(2%)

Consolidating Adjustments

(81)

(75)

(6)

 

 

Consolidated Operating Profit

 

$                  1,855

 

$                  1,814

 

$                       41

 

2%

 

...

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