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Caterpillar Inc.: Files Form 8-K Earnings Release for the Quarter Ended 30 September 2021

·20 min de lecture

Caterpillar Inc.
Caterpillar Inc.: Files Form 8-K Earnings Release for the Quarter Ended 30 September 2021

29-Oct-2021 / 18:09 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 28, 2021

CATERPILLAR INC.

(Exact name of registrant as specified in its charter)

Delaware 1-768 37-0602744

(State or other jurisdiction of (Commission File (I.R.S Employer Identification No.)

incorporation) Number)

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) CAT The New York Stock Exchange

8% Debentures due February 15, 2023 CAT23 The New York Stock Exchange

5.3% Debentures due September 15, 2035 CAT35 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 28, 2021, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended September 30, 2021. 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 28, 2021

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 28, 2021 By: /s/ Suzette M. Long

Suzette M. Long

Chief Legal Officer and General Counsel

 

Exhibit 99.1

Caterpillar Inc.

3Q 2021 Earnings Release

October 28, 2021

FOR IMMEDIATE RELEASE

Caterpillar Reports Third-Quarter 2021 Results

($ in billions except profit per share)

Third Quarter

 

2021

 

2020

 

 

 

Sales and Revenues

$12.4

$9.9

25% to $12.4 billion

 

 

 

Profit Per Share

$2.60

$1.22

 

 

 

Adjusted Profit Per Share

$2.66

$1.52

shareholders through dividends and share repurchases in the quarter

 

DEERFIELD, Ill. - Caterpillar Inc. (NYSE: CAT) today announced third-quarter 2021 sales and revenues of $12.4 billion, a 25% increase compared with $9.9 billion in the third quarter of 2020. The increase was primarily due to higher sales volume, driven by higher end-user demand for equipment and services, and favorable price realization.

Operating profit margin was 13.4% for the third quarter of 2021, compared with 10.0% for the third quarter of 2020. Third-quarter 2021 profit per share was $2.60, compared with third-quarter 2020 profit per share of $1.22. Adjusted profit per share in the third quarter of 2021 was $2.66, compared with third-quarter 2020 adjusted profit per share of $1.52. Third-quarter 2021 adjusted profit per share of $2.66 reflected strong operational performance and a lower-than-expected effective tax rate. Adjusted profit per share for both quarters excluded restructuring costs, while the third quarter of 2020 also excluded remeasurement losses of $0.12 per share, resulting from the settlements of pension obligations. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13.

For the nine months ended September 30, 2021, enterprise operating cash flow was $5.8 billion and the company ended the third quarter with $9.4 billion of enterprise cash. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.

"Our global team continues to execute our long-term strategy for profitable growth while working to mitigate supply chain challenges as we serve our customers," said Chairman and CEO Jim Umpleby. "Our third-quarter results reflect higher sales and revenues across our three primary segments and in all regions."

(more)

 

2

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 2020 (at left) and the third quarter of 2021 (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 2021 were $12.397 billion, an increase of $2.516 billion, or 25%, compared with $9.881 billion in the third quarter of 2020. The increase was primarily due to higher sales volume driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories, along with favorable price realization. Dealers decreased inventories by $600 million during the third quarter of 2020, 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

2020

Sales
Volume

Price
Realization

Currency

Inter-
Segment /
Other

Third
Quarter

2021

$
Change

% Change

Construction Industries

$ 4,056

$ 957

$ 218

$ 38

$ (14)

$ 5,255

$ 1,199

30%

Resource Industries

1,816

522

43

22

3

2,406

590

32%

Energy & Transportation

4,161

628

(6)

44

250

5,077

916

22%

All Other Segment

106

10

(1)

1

3

119

13

12%

Corporate Items and Eliminations

(911)

1

2

-

(242)

(1,150)

(239)

 

Machinery, Energy & Transportation

9,228

2,118

256

105

-

11,707

2,479

27%

Financial Products Segment

724

-

-

-

38

762

38

5%

Corporate Items and Eliminations

(71)

-

-

-

(1)

(72)

(1)

 

Financial Products Revenues

653

-

-

-

37

690

37

6%

Consolidated Sales and Revenues

$ 9,881

$ 2,118

$ 256

$ 105

$ 37

$ 12,397

$ 2,516

25%

 

 

(more)

 

3

Sales and Revenues by Geographic Region

External Sales Total Sales

North America Latin America EAME Asia/Pacific and Revenues Inter-Segment and Revenues

 

(Millions of dollars) $    % Chg    $     % Chg    $    % Chg    $     % Chg   $     % Chg    $    % Chg   $      % Chg

Third Quarter 2021

Construction Industries $ 2,417 36% $ 528 130% $ 1,240 56% $ 1,076 (13%) $ 5,261 30% $ (6) (175%) $ 5,255 30%

Resource Industries 674 38% 417 55% 456 19% 744 32% 2,291 34% 115 3% 2,406 32%

Energy & Transportation 1,924 21% 329 49% 1,144 3% 744 34% 4,141 19% 936 36% 5,077 22%

All Other Segment 18 80% - (100%) 3 200% 14 8% 35 40% 84 4% 119 12%

Corporate Items and Eliminations (19) - - (2)           (21)         (1,129)        (1,150)

Machinery, Energy & Transportation 5,014 31% 1,274 77% 2,843 24% 2,576 8% 11,707 27% - -% 11,707 27%

Financial Products Segment 478 7% 68 8% 105 5% 111 (2%) 762 5% - -% 762 5%

Corporate Items and Eliminations (37)           (13)           (9)           (13)           (72) - (72)

Financial Products Revenues 441 7% 55 4% 96 7% 98 (1%) 690 6% - -% 690 6%

Consolidated Sales and Revenues $ 5,455 28% $ 1,329 72% $ 2,939 23% $ 2,674 8% $ 12,397 25% $ - -% $ 12,397 25%

Third Quarter 2020

Construction Industries $ 1,781 $ 230 $ 796 $ 1,241 $ 4,048 $ 8 $ 4,056

Resource Industries 487 269 384 564 1,704 112 1,816

Energy & Transportation 1,584 221 1,113 557 3,475 686 4,161

All Other Segment 10 1 1 13 25 81 106

Corporate Items and Eliminations (22) (2) - - (24) (887) (911)

Machinery, Energy & Transportation 3,840 719 2,294 2,375 9,228 - 9,228

Financial Products Segment 448 63 100 113 724 - 724

Corporate Items and Eliminations (37) (10) (10) (14) (71) - (71)

Financial Products Revenues 411 53 90 99 653 - 653

Consolidated Sales and Revenues $ 4,251 $ 772 $ 2,384 $ 2,474 $ 9,881 $ - $ 9,881

 

 

 

(more)

 

4

Consolidated Operating Profit

 

The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2020 (at left) and the third quarter of 2021 (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 2021 was $1.664 billion, an increase of $679 million, or 69%, compared with $985 million in the third quarter of 2020. The increase was primarily due to higher sales volume and favorable price realization, partially offset by higher selling, general and administrative (SG&A) and research and development (R&D) expenses as well as higher manufacturing costs.

Unfavorable manufacturing costs reflected higher variable labor and burden, primarily freight, and higher period manufacturing and material costs, partially offset by favorable cost absorption and lower warranty expense. Cost absorption was favorable as inventory increased during the third quarter of 2021.

The increase in both SG&A/R&D expenses and period manufacturing costs was mainly driven by higher short-term incentive compensation expense, which was reinstated in 2021, and investments aligned with the company's strategy for profitable growth, including acquisition-related expenses.

 

(more)

 

 

 

5

 

 

 

 

 

 

Profit (Loss) by Segment

 

 

 

 

 

 

 

 

 

 

Third Quarter

 

Third Quarter

 

$

 

%

(Millions of dollars)

 

2021

 

2020

 

Change

 

Change

Construction Industries

$

859

$

585

$

 

274

47%

Resource Industries

 

297

 

167

 

 

130

78%

Energy & Transportation

 

696

 

492

 

 

204

41%

All Other Segment

 

5

 

27

 

 

(22)

(81%)

Corporate Items and Eliminations

 

(286)

 

(346)

 

 

60

 

Machinery, Energy & Transportation

 

1,571

 

925

 

 

646

70%

Financial Products Segment

 

173

 

142

 

 

31

22%

Corporate Items and Eliminations

 

(7)

 

(15)

 

 

8

 

Financial Products

 

166

 

127

 

 

39

31%

Consolidating Adjustments

 

(73)

 

(67)

 

 

(6)

 

Consolidated Operating Profit

$

1,664

$

985

$

 

679

69%

 

Other Profit/Loss and Tax Items

The company experienced foreign currency exchange net gains in the third quarter of 2021, primarily due to the euro, compared with net losses in the third quarter of 2020.

In the third quarter of 2021, the company recorded a $39 million benefit due to the change from the second-quarter estimated annual tax rate of 26%. In addition, the company recorded discrete tax benefits of $36 million to reflect changes in estimates related to prior year U.S. taxes in the third quarter of 2021 compared to $80 million in the third quarter of 2020. In the third quarter of 2020, a discrete tax benefit of $13 million was recorded for settlement of stock-based compensation awards along with a $12 million tax benefit related to the $77 million of remeasurement losses resulting from the settlements of pension obligations.

 

(more)

 

6

CONSTRUCTION INDUSTRIES

(Millions of dollars)

Segment Sales

Third Sales Price Inter- Third $ %

Quarter 2020 Volume Realization Currency Segment Quarter 2021 Change Change

Total Sales

Sales by Geographic

$ 4,056

Region

Third

Quarter 2021

$ 957

Third

Quarter 2020

$ 218

$

Change

$ 38 $ (14) $ 5,255 $ 1,199 30%

%
Change

North America

$ 2,417

$ 1,781

$ 636

36%

Latin America

528

230

298

130%

EAME

1,240

796

444

56%

Asia/Pacific

1,076

1,241

(165)

(13%)

External Sales

5,261

4,048

1,213

30%

Inter-segment

(6)

8

(14)

(175%)

Total Sales

$ 5,255

$ 4,056

$ 1,199

30%

 

Segment Profit

Third Third %

Quarter 2021 Quarter 2020 Change Change

Segment Profit $ 859 $ 585 $ 274 47%

Segment Profit Margin 16.3 % 14.4 % 1.9 pts

Construction Industries' total sales were $5.255 billion in the third quarter of 2021, an increase of $1.199 billion, or 30%, compared with $4.056 billion in the third quarter of 2020. The increase was due to higher sales volume and favorable price realization. The increase in sales volume was driven by higher end-user demand and the impact from changes in dealer inventories. Overall, dealers decreased inventories more during the third quarter of 2020 than during the third quarter of 2021.

Construction Industries' profit was $859 million in the third quarter of 2021, an increase of $274 million, or 47%, compared with $585 million in the third quarter of 2020. The increase was mainly due to higher sales volume and

 

(more)

 

7

 

favorable price realization, partially offset by unfavorable manufacturing costs, which largely reflected higher variable labor and burden, primarily freight, and material costs.

 

(more)

 

8

RESOURCE INDUSTRIES

(Millions of dollars)

Segment Sales

Third Sales Price Inter- Third $ %

Quarter 2020 Volume Realization Currency Segment Quarter 2021 Change Change

Total Sales

Sales by Geographic

$ 1,816

Region

Third

Quarter 2021

$ 522

Third

Quarter 2020

$ 43

$

Change

$ 22 $ 3 $ 2,406 $ 590 32%

%
Change

North America

$ 674

$ 487

$ 187

38%

Latin America

417

269

148

55%

EAME

456

384

72

19%

Asia/Pacific

744

564

180

32%

External Sales

2,291

1,704

587

34%

Inter-segment

115

112

3

3%

Total Sales

$ 2,406

$ 1,816

$ 590

32%

 

Segment Profit

Third Third %

Quarter 2021 Quarter 2020 Change Change

Segment Profit $ 297 $ 167 $ 130 78%

Segment Profit Margin 12.3 % 9.2 % 3.1 pts

Resource Industries' total sales were $2.406 billion in the third quarter of 2021, an increase of $590 million, or 32%, compared with $1.816 billion in the third quarter of 2020. The increase was primarily due to higher sales volume driven by higher end-user demand for equipment and aftermarket parts, partially offset by the impacts of changes in dealer inventories. Dealers decreased inventories more during the third quarter of 2021 than during the third quarter of 2020. End-user demand was higher in both mining and heavy construction and quarry and aggregates.

Resource Industries' profit was $297 million in the third quarter of 2021, an increase of $130 million, or 78%, compared with $167 million in the third quarter of 2020. The increase was mainly due to higher sales volume and favorable price realization, partially offset by unfavorable manufacturing costs. Increased manufacturing costs reflected higher variable labor and burden, primarily freight, and material costs.

 

(more)

 

9

ENERGY & TRANSPORTATION

(Millions of dollars)

Segment Sales

Third Sales Price Inter- Third $ %

Quarter 2020 Volume Realization Currency Segment Quarter 2021 Change Change

Total Sales

Sales by Application

$ 4,161

Third Quarter 2021

$ 628

Third

Quarter 2020

$ (6)

$

Change

$ 44 $ 250 $ 5,077 $ 916 22%

%
Change

Oil and Gas

$ 1,088

$ 734

$ 354

48%

Power Generation

1,010

1,034

(24)

(2%)

Industrial

948

730

218

30%

Transportation

1,095

977

118

12%

External Sales

4,141

3,475

666

19%

Inter-segment

936

686

250

36%

Total Sales

$ 5,077

$ 4,161

$ 916

22%

 

Segment Profit

Third Third %

Quarter 2021 Quarter 2020 Change Change

Segment Profit $ 696 $ 492 $ 204 41%

Segment Profit Margin 13.7 % 11.8 % 1.9 pts

Energy & Transportation's total sales were $5.077 billion in the third quarter of 2021, an increase of $916 million, or 22%, compared with $4.161 billion in the third quarter of 2020. Sales increased across all applications and inter-segment sales except Power Generation, which decreased slightly.

Energy & Transportation's profit was $696 million in the third quarter of 2021, an increase of $204 million, or 41%, compared with $492 million in the third quarter of 2020. The increase was due to higher sales volume, partially offset by unfavorable manufacturing costs and higher SG&A/R&D expenses. Increased manufacturing costs were mainly driven by higher variable labor and burden, primarily freight, period manufacturing costs and material, partially offset by the absence of inventory write-downs that occurred in the third quarter of 2020. In addition, segment profit was favorably impacted by other operating income/expense.

Both SG&A/R&D expenses and period manufacturing costs were driven by higher short-term incentive compensation expense and investments aligned with growth initiatives, including acquisition-related expenses.

 

(more)

 

10

FINANCIAL PRODUCTS SEGMENT

(Millions of dollars)

Revenues by Geographic Region

 

Third

Quarter 2021

Third Quarter 2020

$

Change

%
Change

North America

$ 478

$ 448

$ 30

7%

Latin America

68

63

5

8%

EAME

105

100

5

5%

Asia/Pacific

111

113

(2)

(2%)

Total Revenues

$ 762

$ 724

$ 38

5%

...

(more)

11

Notes

  1. Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/default.aspx.

  2. End-user demand is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Thursday, October 28, 2021.

  3. Information on non-GAAP financial measures is included in the appendix on page 13.

  4. Some amounts within this report are rounded to the millions or billions and may not add.

  5. Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Thursday, October 28, 2021, to discuss its 2021 third-quarter results. The accompanying slides will be available before the webcast on the Caterpillar website at https://investors.caterpillar.com/events-presentations/default.aspx.

About Caterpillar

With 2020 sales and revenues of $41.7 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Since 1925, we've been driving sustainable progress and helping customers build a better world through innovative products and services. Throughout the product life cycle, we offer services built on cutting-edge technology and decades of product expertise. These products and services, backed by our global dealer network, provide exceptional value to help our customers succeed. We do business on every continent, principally operating through three primary segments - Construction Industries, Resource Industries and Energy & Transportation - and providing financing and related services through our Financial Products segment. Visit us at ...

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