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

Caterpillar Inc. Caterpillar Inc.: Files Form 8-K 1Q 2022 Earnings Release 28-Apr-2022 / 15:06 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. 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%   ...