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 ...

文章核心观点 - 卡特彼勒公司(CAT)预计将在2024年第二季度报告收入160亿美元,调整后每股收益5.56美元,略高于市场预期 [2] - 公司将受益于持续的价格改善,但经销商库存水平在第二季度可能仍然疲软 [2] - 尽管预计卡特彼勒公司将在第二季度的业绩略好于市场预期,但其股票目前已经被充分估值 [2][5] 公司表现分析 - 卡特彼勒股价在2021年初至今上涨了95%,超过了标普500指数约45%的涨幅 [3] - 但公司近三年的股票回报率(16%、19%、26%)仍低于标普500指数(27%、-19%、24%)的表现 [3] - 与同行业的防务和铁路公司,以及科技巨头相比,卡特彼勒公司近年来难以持续战胜标普500指数 [4] 财务表现分析 - 2024年第一季度,公司收入同比下降0.4%至158亿美元 [6] - 建筑行业收入下降5%,资源行业下降7%,而能源及运输收入增长7% [6] - 调整后营业利润率同比提升110个基点至22.2% [6] - 每股收益为5.60美元,去年同期为4.91美元 [6] - 第二季度,虽然价格改善将有助于公司,但经销商库存水平疲软可能会拖累整体销售增长 [7] - 预计营业利润率不会发生变化 [7] - 2024年整体增长可能会较为温和,除非公司有意外的盈利超预期、利润率改善或业绩指引,否则短期内其股价不太可能有大幅上涨 [7]

文章核心观点 - 行业需求正在下降,但设备使用量并未下降 [4] - 行业内主要公司如特雷克斯、沃尔沃、CNH工业等纷纷下调了销售和利润预期 [5][6] - 这主要是由于基建投资拉动的新设备需求已经基本满足,加上高利率环境导致推迟购买新设备 [7] - 但高设备使用率有利于卡特彼勒的维修服务业务表现 [7] 卡特彼勒Q2财报预测 - 分析师对卡特彼勒Q2财报预期仍然偏乐观,但收入预期下调幅度大于利润预期 [8] - 预计卡特彼勒Q2收入约160亿美元,同比下降7.6% [8] - 预计Q2营业利润率在19%-20%之间,净利润率约14% [8] - 预计Q2每股收益4.61美元,低于市场预期5.54美元 [8] - 短期内卡特彼勒股价可能下跌,但长期来看仍是一家优质公司 [8]

文章核心观点 - 卡特彼勒公司预计在2024年第二季度的营收和利润将同比下降 [1][2] - 公司过去4个季度的业绩均超出市场预期 [3][4] - 但本季度公司的盈利能力可能难以超出市场预期 [5][6][7] 行业和公司表现分析 行业整体表现 - 制造业采购经理指数在4-6月期间低于50%,表示行业处于收缩状态 [8] - 新订单指数也低于50,企业减少了资本投资 [8] 公司业务表现 - 公司在第二季度的订单量可能受到上述行业趋势的影响 [8] - 但公司在季初的27.59亿美元的订单量积压以及售后服务收入的增长,可能支撑了营收表现 [8] - 经销商的机械库存预计在第二季度有所下降,符合正常季节性趋势 [9] - 销量下降但价格上涨,预计将导致整体营收下滑 [9] - 原材料和运输成本上升,但近期有所缓解 [9] - 公司成本控制措施和重组行动带来的节约,抵消了部分不利影响 [11] 各业务板块表现 - 资源行业板块营收和利润预计同比下降2-6% [12][13] - 建筑机械板块营收和利润预计同比下降4-5% [14][15] - 能源与运输板块营收预计持平,利润预计同比增长2% [16][17] 估值与股价表现 - 公司股价过去一年涨幅20.4%,优于行业和大盘 [18][19][20][21] - 但目前估值水平较高,处于行业平均水平之上 [22][23] 投资评级 - 公司长期需求前景向好,受益于基建投资和能源转型趋势,服务收入占比提升 [26] - 但中国大型挖掘机市场疲软仍是一大隐忧 [26] - 对于已持有公司股票的投资者,可继续持有以获取长期收益 [28] - 对于新投资者,可等待更好的买入时机 [28]

Wall Street analysts expect Caterpillar (CAT) to post quarterly earnings of $5.53 per share in its upcoming report, which indicates a year-over-year decline of 0.4%. Revenues are expected to be $16.76 billion, down 3.2% from the year-ago quarter.The consensus EPS estimate for the quarter has been revised 1.2% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Before a company announce ...

If all the major news agencies have their fingers on the pulse of monetary policy, it’s coming – interest rate cuts, that is. According to The Wall Street Journal, Federal Reserve officials will meet soon to discuss a potential September reduction in the benchmark interest rate. The central bank apparently has enough encouraging data in the inflation and labor market fronts to make the decision. And that bodes well for certain stocks to buy.Essentially, investors may assume that the equities space will favo ...

Caterpillar (CAT) closed the most recent trading day at $341.72, moving -0.82% from the previous trading session. This move lagged the S&P 500's daily loss of 0.5%. Elsewhere, the Dow gained 0.5%, while the tech-heavy Nasdaq lost 1.28%.Shares of the construction equipment company witnessed a gain of 4.69% over the previous month, beating the performance of the Industrial Products sector with its gain of 4.4% and the S&P 500's gain of 0.1%.Analysts and investors alike will be keeping a close eye on the perfo ...

IRVING, Texas, July 23, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) will release second-quarter 2024 financial results at 5:30 a.m. CDT on Tuesday, Aug. 6. The full text of the release will be available at investors.caterpillar.com/financials/quarterly-results or on PR Newswire at approximately 5:30 a.m. CDT. The release will be furnished to the U.S. Securities and Exchange Commission (SEC) via a Current Report on Form 8-K in compliance with applicable SEC rules.Teleconference and webcast access:A rea ...

aapsky Introduction On July 18, I saw a very interesting table from Bespoke. According to their data, the ten largest stocks in the S&P 500 lost 5.6% on a one-week basis. The remaining 490 stocks of the index rose by 3.7%! X (@bespokeinvest) Moreover, that week included a day on which the S&P 500 was down more than 1% while more than half of its holdings were up. This hasn't happened since April 2000, more than 24 years ago. This is part of the market-broadening trend we have discussed in countless ar ...

The Dow Jones Industrial Index is made up of 30 of the largest, publicly traded companies trading on either the New York Stock Exchange (NYSE) or the Nasdaq. These companies are known as blue-chip stocks to buy for their ability to deliver stable, reliable performance no matter what’s going on in the economy.  These stocks are part of many institutional portfolios. In fact, if you own a mutual fund like the SPDR S&P 500 ETF (NYSEARCA:SPY), you own more than one of these blue-chip stocks. However, when choos ...