Caterpillar(US:CAT)2024-05-01 14:05Financial Performance - Total sales and revenues for Q1 2024 were $15.799 billion, a decrease of $63 million, or about flat, compared to $15.862 billion in Q1 2023[165]. - Profit per share for Q1 2024 was $5.75, up 53.8% from $3.74 in Q1 2023, with adjusted profit per share at $5.60 compared to $4.91[166]. - Profit for Q1 2024 was $2.856 billion, an increase of $913 million, or 47%, compared to $1.943 billion in Q1 2023[167]. - Consolidated operating profit for Q1 2024 was $3.519 billion, an increase of $788 million, or 29%, compared to $2.731 billion in Q1 2023[185]. - The profit of consolidated companies for the three months ended March 31, 2024, was $2,844 million[241]. - The company reported a profit of $2,854 million for the three months ended March 31, 2024, compared to $2,636 million for the same period last year, indicating an 8.3% increase[251]. Profit Margins - Operating profit margin increased to 22.3% in Q1 2024 from 17.2% in Q1 2023, while adjusted operating profit margin rose to 22.2% from 21.1%[165]. - The effective tax rate for Q1 2024 was 19.5%, down from 26.9% in Q1 2023[187]. - The annual effective tax rate, excluding discrete items, is expected to be 22.5% in 2024[171]. Segment Performance - The Energy & Transportation segment reported a profit of $1.301 billion in Q1 2024, up 23% from $1.057 billion in Q1 2023[186]. - The Construction Industries segment saw a profit decrease to $1.764 billion in Q1 2024, down 1% from $1.790 billion in Q1 2023[186]. - Resource Industries profit decreased to $730 million in Q1 2024, a decline of 4% from $764 million in Q1 2023[186]. - Financial Products segment revenues increased by 10% to $839 million in Q1 2024 from $763 million in Q1 2023[186]. - Energy & Transportation's segment profit increased to $1.301 billion in Q1 2024, an increase of $244 million, or 23% from Q1 2023[191]. - Resource Industries' total sales were $3.193 billion in Q1 2024, a decrease of $234 million, or 7% from Q1 2023[189]. Sales and Revenue Trends - North America sales increased by 7% in Q1 2024, primarily due to favorable price realization and higher sales volume[181]. - For full-year 2024, the company expects sales and revenues to be broadly similar to 2023, with slightly favorable price realization anticipated[171]. - Construction Industries' total sales were $6.424 billion in Q1 2024, a decrease of $322 million, or 5% from Q1 2023[188]. - Total sales and revenues for the three months ended March 31, 2024, were $15,799 million, with $14,960 million from Machinery, Energy & Transportation[241]. Costs and Expenditures - Restructuring costs are expected to be between $300 million and $450 million in 2024, with capital expenditures projected to be in the range of $2.0 to $2.5 billion[171]. - Research and development expenses for the three months ended March 31, 2024, amounted to $520 million[241]. - Capital expenditures for ME&T were $502 million in Q1 2024, up from $414 million in Q1 2023, with expectations of $2.0 billion to $2.5 billion for the full year[217]. Cash Flow and Debt - Consolidated operating cash flow for the first three months of 2024 was $2.05 billion, an increase of $479 million compared to the same period in 2023[203]. - Total debt as of March 31, 2024, was $37.85 billion, a decrease of $25 million from year-end 2023[203]. - Net cash provided by operating activities for Machinery, Energy & Transportation was $1.77 billion in Q1 2024, compared to $1.78 billion in Q1 2023[214]. - Net cash used for financing activities in Q1 2024 was $5.12 billion, significantly higher than $1.14 billion in the same period of 2023, primarily due to increased share repurchases[215]. Shareholder Returns - The company repurchased $4.46 billion of common stock in Q1 2024, with $3.37 billion remaining under the 2022 Authorization as of March 31, 2024[220]. - Dividends paid totaled $648 million in the first three months of 2024, with the quarterly dividend maintained at $1.30 per share[221]. Economic Outlook - In Construction Industries, sales are expected to be slightly lower in 2024 due to softer economic conditions in Europe, while North America remains healthy[171]. - Resource Industries' sales in 2024 are anticipated to be lower, driven by decreased sales volume primarily in off-highway and articulated trucks[171]. - The company anticipates future performance may be affected by various economic and market factors, including commodity price changes and international trade policies[255].