Caterpillar, Inc. CAT shares are trading higher today after the company reported second-quarter FY24 results. Goldman Sachs analyst Jerry Revich maintained a Buy rating with a price target of $408.Total sales and revenue for the quarter declined 4% year-over-year to $16.69 billion, beating the consensus of $16.68 billion.Caterpillar’s adjusted earnings were $5.99 per share, compared to $5.55 a year ago and above the consensus of $5.54.Caterpillar anticipates 2024 sales and revenues to be slightly lower than ...

文章核心观点 - 公司的定价策略非常出色,体现了其强大的定价能力 [5][6][7] - 尽管销售收入有所下降,但公司通过定价实现了利润率和利润的提升 [4][7] 公司经营情况总结 - 公司的终端市场正在放缓,预计全年收入将下降1.5% [3] - 公司略微下调了2024年的销售预期,预计将低于2023年 [3] - 但公司预计2024年调整后的营业利润率将超过目标区间的上限,全年调整后营业利润也将高于此前预期 [4] 定价能力分析 - 公司自2023年第三季度以来就未报告销售量增长 [6] - 但通过价格实现(提高同一产品的价格获得的增量收入)抵消了销量下降的影响 [6] - 价格实现带来的利润增加,使得公司的利润率和利润有所提升 [7]

Caterpillar Inc. (CAT) reported second-quarter 2024 adjusted earnings per share of a record $5.99, which beat the Zacks Consensus Estimate of $5.53 by a margin of 8.3%. The bottom-line figure marked an 8% year-over-year improvement.Favorable price realization and manufacturing costs and improved profit in the Energy & Transportation segment, mainly led to the improvement in CAT’s earnings. The company witnessed volume declines in its segments mainly attributed to changes in dealer inventories.Including one- ...

财务数据和关键指标变化 - 销售收入同比下降4%,略低于预期 [12][20] - 调整后营业利润增加2%至37亿美元,创纪录 [51] - 调整后营业利润率提升110个基点至22.4%,超出预期 [28][50][51] - 调整后每股收益增长8%至5.99美元,创纪录 [13][53] - 机械与能源业务自由现金流为25亿美元 [29][77] 各条业务线数据和关键指标变化 - 建筑工业销售额下降7%,主要受到销量下降影响 [61] - 建筑工业利润率提升90个基点至26.1%,优于预期 [64] - 资源工业销售额下降10%,符合预期 [66] - 资源工业利润率提升160个基点至22.4%,优于预期 [68] - 能源与运输销售额增长2%,优于预期 [70] - 能源与运输利润率提升320个基点至20.8%,大幅优于预期 [72] 各个市场数据和关键指标变化 - 北美市场销售额略低于预期,主要受到租赁车队装载不足影响 [21][22] - 欧洲市场销售额下降27%,经济状况疲弱 [62] - 拉丁美洲市场销售额增长20% [62] - 亚太市场销售额下降15% [62] 公司战略和发展方向及行业竞争 - 公司继续执行长期盈利增长战略,受益于多元化的终端市场 [10][26] - 公司正在投资新产品和技术,支持客户实现碳减排目标 [44][45][46][47] - 公司看好采矿业务长期发展前景,能源转型将带来更多机会 [39] 管理层对经营环境和未来前景的评论 - 公司预计全年销售收入将略低于去年,但调整后利润率将超出目标区间上限 [15][16][17][18][86] - 第三季度销售收入和利润率预计与去年持平 [92][93][94][95][96][97] - 公司对长期发展前景保持乐观,看好数据中心等新兴应用带来的机遇 [123][126][127] 其他重要信息 - 公司在第二季度回购了18亿美元股票,连续第四年实施高单位数的季度股息增长 [30][31] - 公司金融服务业务收入增长9%,资产质量保持良好 [73][74][75] 问答环节重要的提问和回答 问题1 **Chad Dillard 提问** 询问公司在第二半年的价格成本动态 [103] **Andrew Bonfield 回答** 预计价格将略有下降,但制造成本改善将抵消部分影响,整体利润率有望保持稳定 [104] 问题2 **Jamie Cook 提问** 询问能源与运输业务的长期利润率潜力 [106] **James Umpleby 回答** 该业务有进一步提升利润率的空间,得益于不断增长的动力电和分布式发电需求 [107][123][126][127] 问题3 **Robert Wertheimer 提问** 询问能源与运输业务中油气和发电业务的利润率和产品组合变化 [112] **James Umpleby 回答** 大型发动机和涡轮机业务保持较高利润率,公司看好分布式发电等新兴应用的机遇 [113][123][126][127]

Caterpillar Inc. (NYSE:CAT) stock is up 3.2% to trade at $326.79 at last check, after the blue chip reported better-than-expected earnings and revenue for the second quarter. The company noted higher prices for larger excavators and equipment offset slower demand in North America.The shares are bouncing off a familiar floor at $310, which served as a launching pad in February to their April 8, record high of $382.01. While CAT has cooled from that peak, it looks to be relying on support from the 200-day mov ...

Caterpillar’s NYSE: CAT stock price was not immune to the threat of recession, but its Q2 results disprove the idea that the global economy is on the brink now. The report highlights outperformance on the top and bottom lines driven by sequential improvements in all segments and regions. The company is still in contraction compared to last year’s figures, but a return to growth is expected by the end of the year, and now, a budding tailwind is strengthening. The July NFP report suggests weakening in the US ...

About this content About Josh Lamb After graduating from the University of Kent in the summer of 2022 with a degree in History, Josh joined Proactive later that year as a journalist in the UK editorial team. Josh has reported on a range of areas whilst at Proactive, including energy companies during a time of global crisis, aviation and airlines as the sector recovers from the pandemic, as well as covering economic, social and governance issues. Read more About the publisher Proactive financial news and ...

Caterpillar (CAT) came out with quarterly earnings of $5.99 per share, beating the Zacks Consensus Estimate of $5.53 per share. This compares to earnings of $5.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.32%. A quarter ago, it was expected that this construction equipment company would post earnings of $5.12 per share when it actually produced earnings of $5.60, delivering a surprise of 9.38%.Over the last four quarte ...

财务业绩 - 第二季度2024年销售收入为167亿美元，同比下降4%[6] - 第二季度2024年调整后每股收益为5.99美元，创历史新高[4] - 第二季度2024年企业经营现金流为30亿美元[8] - 第二季度2024年公司回购股票18亿美元，派发股息6亿美元[8] - 第二季度2024年调整后营业利润率为22.4%，同比提升1.1个百分点[7] - 2024年第二季度调整后利润总额为37.58亿美元，调整后每股收益为5.99美元[78] - 2024年第二季度调整后有效税率为22.5%，2023年同期为23%[80] 业务分部表现 - 建筑工业和资源工业销售额同比下降7%和10%[11,13] - 能源及运输业务销售额同比增长2%[11,13] - 北美和拉丁美洲市场销售额同比分别增长1%和5%[16] - 欧洲、中东和非洲以及亚太地区市场销售额同比分别下降15%和9%[16] - 建筑行业分部利润为17.41亿美元，同比下降3%[44] - 资源行业分部利润为7.18亿美元，同比下降3%[53] - 能源与运输行业分部利润为15.25亿美元，同比增长20%[63] - 金融产品分部收益为负16百万美元，同比下降106%[27] 财务产品业务 - 第二季度财务产品分部收入为10.04亿美元，同比增加8.1亿美元或9%[68] - 第二季度财务产品分部利润为2.27亿美元，同比下降1300万美元或5%[69] - 截至2024年6月30日，Cat Financial的逾期率为1.74%，2023年同期为2.15%[70] - 第二季度Cat Financial的信贷损失准备为2.54亿美元，占应收款的0.89%[70] - 2023年全年Cat Financial的信贷损失准备为3.31亿美元，占应收款的1.18%[70] 重组成本 - 第二季度2024年重组成本增加主要由于出售两家非美国实体[25] - 2024年第二季度重组成本和公司成本增加3.32亿美元[71] - 2024年第二季度重组成本主要由两家非美国实体的剥离所致[72] 其他 - 公司将于2024年8月6日上午7:30中央时间举行电话会议和现场直播[73]

Second-quarter 2024 profit per share of $5.48; adjusted profit per share of $5.99Enterprise operating cash flow was $3.0 billion in the second quarter of 2024Deployed $2.5 billion of cash for share repurchases and dividends in the second quarterSecond Quarter ($ in billions except profit per share) 2024 2023 Sales and Revenues $16.7 $17.3 Profit Per Share $5.48 $5.67 Adjusted Profit Per Share $5.99 $5.55 Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14. I ...