SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
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
(Exact name of registrant as specified in its charter)
Delaware 1-768 37-0602744
(State or other jurisdiction of incorporation)
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
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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.
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.
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.
April 28, 2022 By: /s/ Suzette M. Long
Suzette M. Long
Chief Legal Officer and General Counsel
1Q 2022 Earnings Release
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 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
Sales and Revenues by Geographic Region
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.