Financial Performance - Total sales and revenues for Q2 2024 were $16.689 billion, a decrease of $629 million, or 4 percent, compared to $17.318 billion in Q2 2023[189]. - For the six months ended June 30, 2024, total sales and revenues were $32.488 billion, a decrease of $692 million, or 2 percent, compared to $33.180 billion in the same period of 2023[189]. - Consolidated sales and revenues for Q2 2024 were $16,689 million, a decrease of $629 million or 4% compared to Q2 2023[204]. - Total sales and revenues for the six months ended June 30, 2024, reached $32,488 million, with $30,800 million from Machinery, Energy & Transportation and $1,688 million from Financial Products[276]. - Total sales and revenues reached $33,180 million, with Machinery, Energy & Transportation contributing $31,644 million and Financial Products contributing $1,536 million[283]. Profitability Metrics - Operating profit margin for Q2 2024 was 20.9 percent, slightly down from 21.1 percent in Q2 2023; adjusted operating profit margin improved to 22.4 percent from 21.3 percent[189]. - Profit per share for Q2 2024 was $5.48, down from $5.67 in Q2 2023; adjusted profit per share increased to $5.99 from $5.55[189]. - Operating profit for Q2 2024 was $3,482 million, down $170 million or 5% from $3,652 million in Q2 2023[206]. - The operating profit margin for Q2 2024 was 20.9%, slightly lower than 21.1% in Q2 2023[206]. - For the six months ended June 30, 2024, operating profit was $7,001 million, an increase of $618 million or 10% compared to $6,383 million for the same period in 2023[220]. - The operating profit margin improved to 21.5% for the six months ended June 30, 2024, compared to 19.2% for the same period in 2023[220]. Segment Performance - Construction Industries segment profit decreased by $62 million to $1,741 million, a 3% decline compared to Q2 2023[207]. - Energy & Transportation segment profit increased by $256 million to $1,525 million, a 20% increase from Q2 2023[207]. - Resource Industries segment profit decreased by $22 million to $718 million, a 3% decline compared to Q2 2023[207]. - Construction Industries' total sales were $6.683 billion in Q2 2024, a decrease of $471 million, or 7 percent, from $7.154 billion in Q2 2023[209]. - Resource Industries' total sales were $3.206 billion in Q2 2024, a decrease of $357 million, or 10 percent, compared to $3.563 billion in Q2 2023[210]. - Energy & Transportation's total sales increased to $7.337 billion in Q2 2024, an increase of $118 million, or 2 percent, from $7.219 billion in Q2 2023[211]. Costs and Expenses - Restructuring costs for 2024 are expected to be around $450 million, with capital expenditures projected between $2.0 billion and $2.5 billion[193]. - Interest expense excluding Financial Products was $137 million in Q2 2024, up from $127 million in Q2 2023 due to higher borrowing rates[208]. - The effective tax rate for Q2 2024 was 23.9%, compared to 20.6% in Q2 2023[208]. - Other income in Q2 2024 was $155 million, an increase from $127 million in Q2 2023, driven by favorable impacts from commodity hedges[208]. - Total operating costs for the six months ended June 30, 2024, amounted to $25,487 million, with a significant portion attributed to the cost of goods sold at $19,812 million[277]. Cash Flow and Capital Management - Consolidated operating cash flow for the first six months of 2024 was $5.07 billion, an increase of $251 million compared to the same period in 2023[239]. - Capital expenditures for the first six months of 2024 were $841 million, with expectations of $2.0 billion to $2.5 billion for the full year[253]. - The company repurchased $6.28 billion of common stock in the first six months of 2024, with $21.6 billion remaining under the share repurchase authorizations[256]. - The company ended the period with cash, cash equivalents, and restricted cash totaling $7,394 million, an increase of $381 million from the previous period[292]. Future Outlook - The company anticipates slightly lower sales and revenues for the full year 2024 compared to 2023, with a slight decrease in machine dealer inventories expected[193]. - The company expects services revenues to grow in the second half of 2024 compared to the second half of 2023[193]. - The company anticipates future performance may be affected by global economic conditions, commodity price changes, and competitive market dynamics[294]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[283]. Risks and Challenges - Risks include potential disruptions in global financial markets and compliance with financial regulations, which could impact liquidity and cost of borrowing[294]. - The company has outlined various factors that could materially affect its future results, including changes in interest rates and currency fluctuations[294]. - The company emphasizes the importance of maintaining credit ratings to ensure favorable borrowing conditions and access to capital markets[294].

U.S. Stocks Performance - U.S. stocks traded higher, with the S&P 500 gaining over 2% on Tuesday [1] - The Dow rose 1.92% to 39,444.86, and the NASDAQ increased 2.53% to 16,610.32 [1] - Real estate shares climbed 2.7%, while energy shares rose by 1.1% [1] Caterpillar Inc. Financial Results - Caterpillar Inc. reported second-quarter financial results with total sales and revenue declining 4% year-over-year to $16.69 billion, beating the consensus of $16.68 billion [1] - Adjusted earnings were $5.99 per share, up from $5.55 a year ago and above the consensus of $5.54 [1] - Caterpillar anticipates 2024 sales and revenues to be slightly lower than 2023, with a year-over-year decline in the second half expected to be similar to the first half [1] TG Therapeutics and Clear Secure Performance - TG Therapeutics, Inc. shares surged 23% to $21.18 after reporting better-than-expected quarterly results and raising FY24 Briumvi U.S. net product revenue [2] - Clear Secure, Inc. shares increased 25% to $24.27 following better-than-expected second-quarter results and third-quarter revenue guidance above estimates [2] Lumen Technologies Business Development - Lumen Technologies, Inc. shares rose 87% to $4.8450 after announcing $5 billion in new business from companies seeking to secure their fiber capacity [2] Declining Stocks - Elevation Oncology, Inc. shares dropped 60% to $0.8572 after second-quarter results [3] - Jumia Technologies AG shares fell 52% to $5.09 following worse-than-expected quarterly sales results [3] - ThredUp Inc. shares decreased 56% to $0.7695 after second-quarter results [3]

Caterpillar, Inc. CAT shares are trading higher today after the company reported second-quarter FY24 results. Goldman Sachs analyst Jerry Revich maintained a Buy rating with a price target of $408.Total sales and revenue for the quarter declined 4% year-over-year to $16.69 billion, beating the consensus of $16.68 billion.Caterpillar’s adjusted earnings were $5.99 per share, compared to $5.55 a year ago and above the consensus of $5.54.Caterpillar anticipates 2024 sales and revenues to be slightly lower than ...

The industrial company is doing a great job with its pricing strategy.Shares of Caterpillar (CAT 3.89%) were up 4.5% by 11 a.m. on Tuesday. The move comes after the company's mixed earnings report. Sales declined, but Caterpillar is wringing profitability out of its operations, and investors have reason to believe that the company has structurally higher margins now.Caterpillar's mixed resultsThe company's end markets are slowing, and Wall Street expects its full-year revenue to decline by 1.5%. Moreover, C ...

Caterpillar Inc. (CAT) reported second-quarter 2024 adjusted earnings per share of a record $5.99, which beat the Zacks Consensus Estimate of $5.53 by a margin of 8.3%. The bottom-line figure marked an 8% year-over-year improvement.Favorable price realization and manufacturing costs and improved profit in the Energy & Transportation segment, mainly led to the improvement in CAT’s earnings. The company witnessed volume declines in its segments mainly attributed to changes in dealer inventories.Including one- ...

Caterpillar Inc. (NYSE:CAT) Q2 2024 Earnings Conference Call August 6, 2024 8:30 AM ET Company Participants Ryan Fiedler - Vice President of Investor Relations James Umpleby - Chairman and Chief Executive Officer Andrew Bonfield - Chief Financial Officer Conference Call Participants Chad Dillard - Bernstein Jamie Cook - Truist Securities Stephen Volkmann - Jefferies Robert Wertheimer - Melius Research David Raso - Evercore ISI Michael Feniger - Bank of America Jerry Revich - Goldman Sachs Tami Zakaria - JP ...

For the quarter ended June 2024, Caterpillar (CAT) reported revenue of $16.69 billion, down 3.6% over the same period last year. EPS came in at $5.99, compared to $5.55 in the year-ago quarter.The reported revenue represents a surprise of -0.45% over the Zacks Consensus Estimate of $16.76 billion. With the consensus EPS estimate being $5.53, the EPS surprise was +8.32%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expe ...

Caterpillar Inc. (NYSE:CAT) stock is up 3.2% to trade at $326.79 at last check, after the blue chip reported better-than-expected earnings and revenue for the second quarter. The company noted higher prices for larger excavators and equipment offset slower demand in North America.The shares are bouncing off a familiar floor at $310, which served as a launching pad in February to their April 8, record high of $382.01. While CAT has cooled from that peak, it looks to be relying on support from the 200-day mov ...

Caterpillar’s NYSE: CAT stock price was not immune to the threat of recession, but its Q2 results disprove the idea that the global economy is on the brink now. The report highlights outperformance on the top and bottom lines driven by sequential improvements in all segments and regions. The company is still in contraction compared to last year’s figures, but a return to growth is expected by the end of the year, and now, a budding tailwind is strengthening. The July NFP report suggests weakening in the US ...

About this content About Josh Lamb After graduating from the University of Kent in the summer of 2022 with a degree in History, Josh joined Proactive later that year as a journalist in the UK editorial team. Josh has reported on a range of areas whilst at Proactive, including energy companies during a time of global crisis, aviation and airlines as the sector recovers from the pandemic, as well as covering economic, social and governance issues. Read more About the publisher Proactive financial news and ...