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Caterpillar Inc.: Files Form 8-K 3Q 2022 Earnings Release

Caterpillar Inc.
Caterpillar Inc.: Files Form 8-K 3Q 2022 Earnings Release

28-Oct-2022 / 16:42 CET/CEST
Information réglementaire transmise par EQS Group.
Le contenu de ce communiqué est de la responsabilité de l’émetteur.

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):                  October 27, 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 October 27, 2022, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended

September 30, 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 October 27, 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.

 

 

 

October 27, 2022                                                                  By:      /s/ Suzette M. Long

Suzette M. Long

Chief Legal Officer and General Counsel

 

 

 

Caterpillar Inc.

3Q 2022 Earnings Release


Exhibit 99.1

 

 

October 27, 2022

 

 

FOR IMMEDIATE RELEASE

 

Caterpillar Reports Third-Quarter 2022 Results

 

 

 

 

 

 

 

   Third-quarter 2022 sales and revenues increased

21% to $15.0 billion

   Third-quarter 2022 profit per share of $3.87;

adjusted profit per share of $3.95

 

   Returned $2.0 billion to shareholders through share repurchases and dividends in the quarter

 

 

IRVING, Texas – Caterpillar Inc. (NYSE: CAT) announced third-quarter 2022 sales and revenues of $15.0 billion, a

21% increase compared with $12.4 billion in the third quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume.

 

Operating profit margin was 16.2% for the third quarter of 2022, compared with 13.4% for the third quarter of 2021. Third-quarter 2022 profit per share was $3.87, compared with third-quarter 2021 profit per share of $2.60. Adjusted profit per share in the third quarter of 2022 was $3.95, compared with third-quarter 2021 adjusted profit per share of

$2.66. 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 nine months ended September 30, 2022, enterprise operating cash flow was $5.0 billion, and the company ended the third quarter with $6.3 billion of enterprise cash. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.

 

“I’d like to thank our global Caterpillar team for delivering another quarter of double-digit top-line growth and record adjusted profit per share,” said Chairman and CEO Jim Umpleby. “Our team remains focused on serving our customers as we continued to see healthy demand across most of our end markets during the third quarter.”

 

 

 

CONSOLIDATED RESULTS

 

Consolidated Sales and Revenues

 

 

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2021 (at left) and the third 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 third quarter of 2022 were $14.994 billion, an increase of $2.597 billion, or 21%, compared with $12.397 billion in the third quarter of 2021. The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen and Australian dollar. The increase in sales volume was driven by the impact from changes in dealer inventories, higher sales of equipment to end users and higher services. Dealers increased inventories by $700 million during the third quarter of 2022, compared with a decrease of $300 million during the third quarter of 2021.

 

Sales were higher across the three primary segments.

 

Sales and Revenues by Segment

 

 

 

(Millions of dollars)

Third

Quarter

2021

 

Sales

Volume

 

Price

Realization

 

 

Currency

 

Inter- Segment / Other

 

Third

Quarter

2022

 

$ Change

 

% Change

 

Construction Industries

 

$          5,255

 

$             423

 

$             781

 

$            (229)

 

$               46

 

 

$          6,276

 

$          1,021

 

19%

Resource Industries

2,366

338

443

(59)

(1)

 

3,087

721

30%

Energy & Transportation

5,077

618

409

(171)

253

 

6,186

1,109

22%

All Other Segment

119

2

(2)

(16)

 

103

(16)

(13%)

Corporate Items and Eliminations

(1,110)

16

2

(282)

 

(1,374)

(264)

 

Machinery, Energy & Transportation

11,707

1,397

1,635

(461)

 

14,278

2,571

22%

 

Financial Products Segment

 

762

 

 

 

 

57

 

 

819

 

57

 

7%

Corporate Items and Eliminations

(72)

(31)

 

(103)

(31)

 

Financial Products Revenues

690

26

 

716

26

4%

Consolidated Sales and Revenues

$        12,397

$          1,397

$          1,635

$            (461)

$               26

 

$        14,994

$          2,597

21%

 

 

 

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

Third Quarter 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Industries

$  3,106

29%

 

$     799

51%

 

$  1,247

1%

 

$  1,084

1%

 

$  6,236

19%

 

$       40

767%

 

$  6,276

19%

Resource Industries

1,122

66%

 

472

13%

 

526

15%

 

893

20%

 

3,013

32%

 

74

(1%)

 

3,087

30%

Energy & Transportation

2,422

26%

 

468

42%

 

1,280

12%

 

827

11%

 

4,997

21%

 

1,189

27%

 

6,186

22%

All Other Segment

16

(11%)

 

—%

 

4

33%

 

15

7%

 

35

—%

 

68

(19%)

 

103

(13%)

Corporate Items and Eliminations

1

 

 

 

 

 

 

(4)

 

 

(3)

 

 

(1,371)

 

 

(1,374)

 

Machinery, Energy & Transportation

6,667

33%

 

1,739

36%

 

3,057

8%

 

2,815

9%

 

14,278

22%

 

—%

 

14,278

22%

 

Financial Products Segment

 

522

 

9%

 

 

90

 

32%

 

 

100

 

(5%)

 

 

107

 

(4%)

 

 

819

 

7%

 

 

 

—%

 

 

819

 

7%

Corporate Items and Eliminations

(54)

 

 

(20)

 

 

(12)

 

 

(17)

 

 

(103)

 

 

 

 

(103)

 

Financial Products Revenues

468

6%

 

70

27%

 

88

(8%)

 

90

(8%)

 

716

4%

 

—%

 

716

4%

Consolidated Sales and Revenues

$  7,135

31%

 

$  1,809

36%

 

$  3,145

7%

 

$  2,905

9%

 

$ 14,994

21%

 

$        

—%

 

$ 14,994

21%

 

Third Quarter 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Industries

$  2,417

 

 

$     528

 

 

$  1,240

 

 

$  1,076

 

 

$  5,261

 

 

$        (6)

 

 

$  5,255

 

Resource Industries

674

 

 

417

 

 

456

 

 

744

 

 

2,291

 

 

75

 

 

2,366

 

Energy & Transportation

1,924

 

 

329

 

 

1,144

 

 

744

 

 

4,141

 

 

936

 

 

5,077

 

All Other Segment

18

 

 

 

 

3

 

 

14

 

 

35

 

 

84

 

 

119

 

Corporate Items and Eliminations

(19)

 

 

 

 

 

 

(2)

 

 

(21)

 

 

(1,089)

 

 

(1,110)

 

Machinery, Energy & Transportation

5,014

 

 

1,274

 

 

2,843

 

 

2,576

 

 

11,707

 

 

 

 

11,707

 

 

Financial Products Segment

 

478

 

 

68

 

 

105

 

 

111

 

 

762

 

 

 

 

762

Corporate Items and Eliminations

(37)

 

(13)

 

(9)

 

(13)

 

(72)

 

 

(72)

Financial Products Revenues

441

 

55

 

96

 

98

 

690

 

 

690

Consolidated Sales and Revenues

$  5,455

 

$  1,329

 

$  2,939

 

$  2,674

 

$ 12,397

 

$        

 

$ 12,397

 

 

 

 

 

Consolidated Operating Profit

 

The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2021 (at left) and the third 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 third quarter of 2022 was $2.425 billion, an increase of $761 million, or 46%, compared with

$1.664 billion in the third quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume, partially offset by higher manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses. Unfavorable manufacturing costs largely reflected higher material costs, freight and the impact of manufacturing inefficiencies. SG&A/R&D expenses increased primarily due to investments aligned with the company's strategy for profitable growth and higher short-term incentive compensation expense.

 

Profit by Segment

 

 

Third Quarter

 

 

Third Quarter

 

 

$

 

 

%

 

(Millions of dollars)

2022

2021

Change

Change

Construction Industries

$                  1,209

$                     866

$                     343

 

40%

Resource Industries

506

280

226

 

81%

Energy & Transportation

935

706

229

 

32%

All Other Segment

8

5

3

 

60%

Corporate Items and Eliminations

(373)

(286)

(87)

 

 

Machinery, Energy & Transportation

2,285

1,571

714

 

45%

Financial Products Segment

220

173

47

 

27%

Corporate Items and Eliminations

30

(7)

37

 

 

Financial Products

250

166

84

 

51%

Consolidating Adjustments

(110)

(73)

(37)

 

 

 

Consolidated Operating Profit

 

$                  2,425

 

$                  1,664

 

$                     761

 

 

46%

Corporate Items and Eliminations included corporate-level expenses, timing differences (as some expenses are reported in segment profit on a cash basis), methodology differences between segment and consolidated external reporting (the company values segment inventories and cost of sales using a current cost methodology), certain restructuring costs and inter-segment eliminations.

 

 

 

Other Profit/Loss and Tax Items

 

     Other income (expense) in the third quarter of 2022 was income of $242 million, compared with income of

$225 million in the third quarter of 2021. The change was primarily driven by favorable impacts from foreign currency exchange and higher investment and interest income, partially offset by lower gains on marketable securities and lower pension and other postemployment benefit (OPEB) plan income.

 

 The provision for income taxes for the third quarter of 2022 reflected an estimated annual global tax rate of approximately 23%, compared with 25% for the third quarter of 2021, excluding the discrete items discussed below. The comparative tax rate for full-year 2021 was 23%.

 

In the third quarter of 2022, the company reached a settlement with the U.S. Internal Revenue Service (IRS) that resolves all issues for tax years 2007 through 2016, without any penalties. The company’s settlement includes, among other issues, the resolution of disputed tax treatment of profits earned by Caterpillar SARL (CSARL) from certain parts transactions. The company vigorously contested the IRS’s application of the “substance-over-form” or “assignment-of-income” judicial doctrines and its proposed increases to tax and imposition of accuracy related penalties. The settlement does not include any increases to tax in the United States based on those judicial doctrines and does not include any penalties. The final tax assessed by the IRS for all issues under the settlement was $490 million for the ten-year period. This amount was primarily paid in the third quarter of 2022, and the associated estimated interest of

$250 million is expected to be paid by the end of 2022. The settlement was within the total amount of gross unrecognized tax benefits for uncertain tax positions and enables us to avoid the costs and burdens of further disputes with the IRS. As a result of the settlement, the company recorded a discrete tax benefit of

$41 million to reflect changes in estimates of prior years’ taxes and related interest, net of tax. The company is subject to the continuous examination of our income tax returns by the IRS, and tax years subsequent to 2016 are not yet under examination.

 

The provision for income taxes in third quarter of 2022 also included a $20 million benefit due to a decrease in the estimated annual tax rate, compared to $39 million in the third quarter of 2021. The company also recorded a discrete tax benefit of $36 million to reflect changes in estimates related to the prior year’s U.S. taxes in the third quarter of 2021.

 

 

 

CONSTRUCTION INDUSTRIES

 

(Millions of dollars)

 

Segment Sales

 

Third

Sales

Price

 

Inter-

Third

$

%

 

Quarter 2021

Volume

Realization

Currency

Segment

Quarter 2022

Change

Change

Total Sales

$        5,255

$           423

$        781

$          (229)

$                46

$           6,276

$    1,021

19%

 

Sales by Geographic

Region

 

Third

 

 

Third

 

 

$

 

 

%

 

Quarter 2022

Quarter 2021

Change

Change

North America

$        3,106

$        2,417

$        689

29%

Latin America

799

528

271

51%

EAME

1,247

1,240

7

1%

Asia/Pacific

1,084

1,076

8

1%

External Sales

6,236

5,261

975

19%

Inter-segment

40

(6)

46

767%

Total Sales

$        6,276

$        5,255

$     1,021

19%

 

Segment Profit