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Caterpillar Inc. (NYSE:CAT) Q3 2023 Earnings Call Transcript October 31, 2023 8:30 AM ET Company Participants Ryan Fiedler - VP of IR Jim Umpleby - Chairman and CEO Andrew Bonfield - CFO Conference Call Participants Michael Feniger - Bank of America Tami Zakaria - JP Morgan Rob Wertheimer - Melius Research David Raso - Evercore Steven Fisher - UBS Tim Thein - Citigroup Nicole DeBlase - Deutsche Bank Chad Dillard - Bernstein Kristen Owen - Oppenheimer Mig Dobre - Baird Mike Shlisky - D.A. Davidson Jerry Revi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-768 CATERPILLAR INC. (Exact name of registrant as specified in its charter) Delaware 37-0602744 (State or other jurisdiction of incorpor ...

Third Quarter 2023 Financial Review 3Q 2023 EARNINGS RELEASE Forward-Looking Statements Certain statements in this financial review 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- ...

Caterpillar, Inc. (NYSE:CAT) Q2 2023 Earnings Conference Call August 1, 2023 8:30 AM ET Company Participants Ryan Fiedler - Vice President, Investor Relations James Umpleby - Chairman and Chief Executive Officer Andrew Bonfield - Chief Financial Officer Conference Call Participants Jamie Cook - Credit Suisse David Raso - Evercore ISI Michael Feniger - Bank of America Robert Wertheimer - Melius Research Tami Zakaria - JPMorgan Nicole DeBlase - Deutsche Bank Stephen Volkmann - Jefferies Timothy Thein - Citigr ...

Financial Performance - Total sales and revenues for Q2 2023 were $17.318 billion, an increase of $3.071 billion, or 22 percent, compared to $14.247 billion in Q2 2022[178]. - Operating profit margin for Q2 2023 was 21.1 percent, up from 13.6 percent in Q2 2022; adjusted operating profit margin was 21.3 percent compared to 13.8 percent[178]. - Profit per share for Q2 2023 was $5.67, a 81.1 percent increase from $3.13 in Q2 2022; adjusted profit per share was $5.55 compared to $3.18[178]. - Total sales and revenues for the six months ended June 30, 2023, were $33.180 billion, an increase of $5.344 billion, or 19 percent, from $27.836 billion for the same period in 2022[179]. - Operating profit for Q2 2023 was $3.652 billion, an increase of 88% from $1.944 billion in Q2 2022, driven by favorable price realization and higher sales volume[197]. - Consolidated sales and revenues for Q2 2023 were $17.318 billion, an increase of 22% compared to $14.247 billion in Q2 2022[200]. - Consolidated sales and revenues for the first six months of 2023 totaled $33.180 billion, a 19% increase from $27.836 billion in the same period of 2022, attributed to favorable price realization and higher sales volume[209]. - Operating profit for the six months ended June 30, 2023, was $6.383 billion, an increase of $2.584 billion, or 68%, compared to $3.799 billion for the same period in 2022[213]. Segment Performance - Construction Industries reported sales of $7.154 billion in Q2 2023, a 19% increase from $6.033 billion in Q2 2022, with profit rising 82% to $1.803 billion[201]. - Resource Industries achieved sales of $3.473 billion in Q2 2023, a 20% increase from $2.961 billion in Q2 2022, with profit up 108% to $740 million[198]. - Energy & Transportation segment sales were $5.957 billion in Q2 2023, a 28% increase from $4.640 billion in Q2 2022, with profit rising 93% to $1.269 billion[198]. - Financial Products segment revenues increased by 10% to $773 million in Q2 2023, compared to $708 million in Q2 2022[200]. - Resource Industries' total sales reached $3.563 billion in Q2 2023, a 20% increase from $2.961 billion in Q2 2022, driven by favorable price realization and higher sales volume[202]. - Energy & Transportation's total sales were $7.219 billion in Q2 2023, up 27% from $5.705 billion in Q2 2022, with increases across all applications and inter-segment sales[204]. - Financial Products' segment revenues increased to $923 million in Q2 2023, a 16% rise from $798 million in Q2 2022, primarily due to higher average financing rates[205]. - Construction Industries segment reported a profit of $3.593 billion for the six months ended June 30, 2023, a 76% increase from $2.046 billion in 2022[214]. - Energy & Transportation segment profit increased to $2.326 billion, a 94% rise from $1.197 billion in the previous year[214]. - Resource Industries segment profit was $1.504 billion, reflecting a 110% increase compared to the prior year[214]. Cash Flow and Expenses - Enterprise operating cash flow was $4.8 billion for the six months ended June 30, 2023[179]. - Consolidated operating cash flow for the first six months of 2023 was $4.82 billion, up $2.28 billion compared to the same period a year ago[231]. - Net cash provided by operating activities for Machinery, Energy & Transportation was $4.67 billion in the first six months of 2023, compared to $1.29 billion for the same period in 2022[236]. - Financial Products operating cash flow was $542 million in the first six months of 2023, compared to $735 million for the same period in 2022[240]. - The company intends to maintain a strong cash and liquidity position, with $7.39 billion of cash at the end of the second quarter of 2023, an increase of $383 million from year-end 2022[231]. - Research and development expenses for the three months ended June 30, 2023, totaled $528 million[255]. - The company expects to incur about $700 million of restructuring costs in 2023, including a pre-tax loss of approximately $586 million from the divestiture of the Longwall business[225]. Inventory and Debt - Dealer inventory increased by $600 million in Q2 2023, compared to a decrease of $400 million in Q2 2022[192]. - Dealer inventory increased by approximately $2.2 billion in the first half of 2023, compared to an increase of $900 million in the same period of 2022[209]. - Total debt as of June 30, 2023 was $37.70 billion, an increase of $706 million from year-end 2022[231]. - At June 30, 2023, consolidated net worth was $18.30 billion, exceeding the $9.00 billion required under the Credit Facility[233]. Tax and Interest - Interest expense for Q2 2023 was $127 million, up from $108 million in Q2 2022, due to higher average borrowing rates[200]. - The provision for income taxes in Q2 2023 was based on an estimated annual tax rate of 23%, slightly down from 23.5% in Q2 2022[200]. - The company recorded a discrete tax benefit of $88 million in Q2 2023, compared to a benefit of $55 million in Q2 2022[200]. - The estimated annual tax rate for the six months ended June 30, 2023, was 23%, slightly lower than 23.5% in the same period of 2022[215]. Future Outlook - For full-year 2023, the company expects a strong top line supported by price realization and higher sales of equipment to end users[185]. - The company anticipates higher SG&A and R&D expenses throughout 2023 due to investments in strategic initiatives[185]. - The energy transition is expected to support increased commodity demand, expanding the total addressable market and providing long-term growth opportunities[184]. - The company anticipates potential impacts from global economic conditions and commodity price fluctuations on future performance[276].

Caterpillar Inc. (NYSE:CAT) Bernstein's 39th Annual Strategic Decisions Conference 2023 June 1, 2023 2:30 PM ET Company Participants Ryan Fiedler - Head of Investor Relations Jim Umpleby - Chairman and Chief Executive Officer Conference Call Participants Chad Dillard - Bernstein Operator Hi. Good afternoon, everyone. My name is Chad Dillard. I'm the lead analyst here at Bernstein for the Machinery, Engineering, and Construction sector. And I'm really excited to have Caterpillar here today to have a conversa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-768 CATERPILLAR INC. (Exact name of registrant as specified in its charter) Delaware 37-0602744 (State or other jurisdiction of incorporatio ...

Caterpillar Inc. (NYSE:CAT) Q1 2023 Earnings Conference Call April 13, 2023 8:30 AM ET Company Participants Ryan Fiedler – Vice President-Investor Relations Jim Umpleby – Chairman and Chief Executive Officer Andrew Bonfield – Chief Financial Officer Conference Call Participants Rob Wertheimer – Melius Research Tami Zakaria – JPMorgan Michael Feniger – Bank of America Jamie Cook – Credit Suisse David Raso – Evercore Jerry Revich – Goldman Sachs Steve Volkmann – Jefferies Chad Dillard – Bernstein John Joyner ...

First Quarter 2023 Financial Review 1Q 2023 EARNINGS RELEASE Forward-Looking Statements Certain statements in this financial review 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- ...