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Caterpillar Inc.: Files Form 8-K - 2Q 2022 Earnings Releaser & Retail Stats

Caterpillar Inc.
Caterpillar Inc.: Files Form 8-K - 2Q 2022 Earnings Releaser & Retail Stats

04-Aou-2022 / 17:12 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):                  August 2, 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 August 2, 2022, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended June

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 August 2, 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.

 

 

 

August 2, 2022                                                                      By:      /s/ Suzette M. Long

Suzette M. Long

Chief Legal Officer and General Counsel

 

 

 

Caterpillar Inc.

2Q 2022 Earnings Release


Exhibit 99.1

 

 

August 2, 2022

 

 

FOR IMMEDIATE RELEASE

 

Caterpillar Reports Second-Quarter 2022 Results

 

 

 

 

 

 

   Second-quarter 2022 sales and revenues increased 11% to $14.2 billion

 

   Second-quarter 2022 profit per share of $3.13;

adjusted profit per share of $3.18

 

   Returned $1.7 billion to shareholders through share repurchases and dividends in the quarter

 

 

DEERFIELD, Ill. – Caterpillar Inc. (NYSE: CAT) announced second-quarter 2022 sales and revenues of $14.2 billion, an 11% increase compared with $12.9 billion in the second quarter of 2021. The increase was primarily due to favorable price realization and higher sales volume.

 

Operating profit margin was 13.6% for the second quarter of 2022, compared with 13.9% for the second quarter of

2021. Second-quarter 2022 profit per share was $3.13, compared with second-quarter 2021 profit per share of

$2.56. Adjusted profit per share in the second quarter of 2022 was $3.18, compared with second-quarter 2021 adjusted profit per share of $2.60. 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 first half of 2022, enterprise operating cash flow was $2.5 billion. In the quarter, the company repurchased

$1.1 billion of Caterpillar common stock and paid dividends of $0.6 billion. The company ended the period with $6.0 billion of enterprise cash.

 

“Our team delivered another good quarter with double-digit top line and adjusted profit per share growth despite ongoing supply chain challenges,” said Chairman and CEO Jim Umpleby. “Our second-quarter results reflect healthy demand across most of our end markets. We remain focused on executing our strategy for long-term profitable growth.”

 

 

 

CONSOLIDATED RESULTS

 

Consolidated Sales and Revenues

 

 

The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the second quarter of 2021 (at left) and the second 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 second quarter of 2022 were $14.247 billion, an increase of $1.358 billion, or 11%, compared with $12.889 billion in the second 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, Australian dollar and Japanese yen. The increase in sales volume was driven by services, partially offset by lower sales of equipment to end users.

 

Sales were higher across the three primary segments.

 

Sales and Revenues by Segment

 

 

 

(Millions of dollars)

Second

Quarter

2021

 

Sales

Volume

 

Price

Realization

 

 

Currency

 

Inter- Segment / Other

 

Second

Quarter

2022

 

$ Change

 

% Change

 

Construction Industries

 

$          5,656

 

$              (25)

 

$             535

 

$            (122)

 

$              (11)

 

 

$          6,033

 

$             377

 

7%

Resource Industries

2,547

140

317

(33)

(10)

 

2,961

414

16%

Energy & Transportation

4,975

363

260

(103)

210

 

5,705

730

15%

All Other Segment

128

4

1

(1)

(14)

 

118

(10)

(8%)

Corporate Items and Eliminations

(1,113)

17

(8)

1

(175)

 

(1,278)

(165)

 

Machinery, Energy & Transportation

12,193

499

1,105

(258)

 

13,539

1,346

11%

 

Financial Products Segment

 

774

 

 

 

 

24

 

 

798

 

24

 

3%

Corporate Items and Eliminations

(78)

(12)

 

(90)

(12)

 

Financial Products Revenues

696

12

 

708

12

2%

Consolidated Sales and Revenues

$        12,889

$             499

$          1,105

$            (258)

$               12

 

$        14,247

$          1,358

11%

 

 

 

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

Second Quarter 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Industries

$  3,006

20%

 

$     635

48%

 

$  1,202

(7%)

 

$  1,148

(17%)

 

$  5,991

7%

 

$       42

(21%)

 

$  6,033

7%

Resource Industries

1,027

29%

 

466

(4%)

 

489

(7%)

 

913

38%

 

2,895

17%

 

66

(13%)

 

2,961

16%

Energy & Transportation

2,277

14%

 

382

53%

 

1,215

2%

 

766

12%

 

4,640

13%

 

1,065

25%

 

5,705

15%

All Other Segment

18

64%

 

(100%)

 

5

25%

 

15

(17%)

 

38

12%

 

80

(15%)

 

118

(8%)

Corporate Items and Eliminations

(20)

 

 

(2)

 

 

 

 

(3)

 

 

(25)

 

 

(1,253)

 

 

(1,278)

 

Machinery, Energy & Transportation

6,308

20%

 

1,481

27%

 

2,911

(3%)

 

2,839

4%

 

13,539

11%

 

—%

 

13,539

11%

 

Financial Products Segment

 

505

 

3%

 

 

87

 

34%

 

 

97

 

1%

 

 

109

 

(13%)

 

 

798

 

3%

 

 

 

—%

 

 

798

 

3%

Corporate Items and Eliminations

(42)

 

 

(21)

 

 

(10)

 

 

(17)

 

 

(90)

 

 

 

 

(90)

 

Financial Products Revenues

463

3%

 

66

22%

 

87

—%

 

92

(12%)

 

708

2%

 

—%

 

708

2%

Consolidated Sales and Revenues

$  6,771

18%

 

$  1,547

27%

 

$  2,998

(3%)

 

$  2,931

3%

 

$ 14,247

11%

 

$        

—%

 

$ 14,247

11%

 

Second Quarter 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Industries

$  2,498

 

 

$     430

 

 

$  1,291

 

 

$  1,384

 

 

$  5,603

 

 

$       53

 

 

$  5,656

 

Resource Industries

799

 

 

487

 

 

525

 

 

660

 

 

2,471

 

 

76

 

 

2,547

 

Energy & Transportation

1,992

 

 

250

 

 

1,196

 

 

682

 

 

4,120

 

 

855

 

 

4,975

 

All Other Segment

11

 

 

1

 

 

4

 

 

18

 

 

34

 

 

94

 

 

128

 

Corporate Items and Eliminations

(31)

 

 

(1)

 

 

(1)

 

 

(2)

 

 

(35)

 

 

(1,078)

 

 

(1,113)

 

Machinery, Energy & Transportation

5,269

 

 

1,167

 

 

3,015

 

 

2,742

 

 

12,193

 

 

 

 

12,193

 

 

Financial Products Segment

 

488

 

 

65

 

 

96

 

 

125

 

 

774

 

 

 

 

774

Corporate Items and Eliminations

(38)

 

(11)

 

(9)

 

(20)

 

(78)

 

 

(78)

Financial Products Revenues

450

 

54

 

87

 

105

 

696

 

 

696

Consolidated Sales and Revenues

$  5,719

 

$  1,221

 

$  3,102

 

$  2,847

 

$ 12,889

 

$        

 

$ 12,889

 

 

 

 

 

Consolidated Operating Profit

 

The chart above graphically illustrates reasons for the change in consolidated operating profit between the second quarter of 2021 (at left) and the second 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 second quarter of 2022 was $1.944 billion, an increase of $155 million, or 9%, compared with $1.789 billion in the second 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 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 and higher short-term incentive compensation expense.

 

Profit (Loss) by Segment

 

 

Second Quarter

 

 

Second Quarter

 

 

$

 

 

%

(Millions of dollars)

2022

2021

Change

Change

Construction Industries

$                     989

$                  1,029

$                      (40)

(4%)

Resource Industries

355

349

6

2%

Energy & Transportation

659

738

(79)

(11%)

All Other Segment

31

(10)

41

n/a

Corporate Items and Eliminations

(230)

(453)

223

 

Machinery, Energy & Transportation

1,804

1,653

151

9%

Financial Products Segment

217

243

(26)

(11%)

Corporate Items and Eliminations

17

(29)

46

 

Financial Products

234

214

20

9%

Consolidating Adjustments

(94)

(78)

(16)

 

 

Consolidated Operating Profit

 

$                  1,944

 

$                  1,789

 

$                     155

 

9%

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 second quarter of 2022 was income of $260 million, compared with income of $201 million in the second quarter of 2021. The change was primarily driven by favorable impacts from foreign currency exchange, partially offset by unfavorable impacts from commodity hedges, unrealized losses on marketable securities and lower pension and other postemployment benefit (OPEB) plan income.

 

 The provision for income taxes for the second quarter of 2022 reflected an estimated annual global tax rate of approximately 24%, compared with 26% for the second quarter of 2021, excluding the discrete items discussed below. The comparative tax rate for full-year 2021 was 23%.

 

In the second quarter of 2022, the company recorded discrete tax benefits of $55 million, primarily for a prior year tax adjustment due to a change in estimate, compared with a $17 million benefit in the second quarter of 2021 for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.

 

 

 

CONSTRUCTION INDUSTRIES

 

(Millions of dollars)

 

Segment Sales

 

 

Second

Sales

Price

 

Inter-

Second

$

%

 

Quarter 2021

Volume

Realization

Currency

Segment

Quarter 2022

Change

Change

Total Sales

$        5,656

$            (25)

$        535

$          (122)

$               (11)

$           6,033

$       377

7%

 

 

Sales by Geographic Region

 

Second

Quarter 2022

 

 

Second

Quarter 2021

 

 

$ Change

 

 

% Change

 

North America                    $        3,006       $        2,498       $        508                         20% Latin America                                   635                     430                  205                         48% EAME...

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