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    Caterpillar Reports Third-Quarter 2024 Results

    10/30/24 6:30:00 AM ET
    $CAT
    Construction/Ag Equipment/Trucks
    Industrials
    Get the next $CAT alert in real time by email
    • Third-quarter 2024 profit per share of $5.06; adjusted profit per share of $5.17
    • Enterprise operating cash flow was $3.6 billion in the third quarter of 2024
    • Deployed $1.5 billion of cash for share repurchases and dividends in the third quarter




    Third Quarter

    ($ in billions except profit per share)



    2024

    2023

    Sales and Revenues



    $16.1

    $16.8

    Profit Per Share



    $5.06

    $5.45

    Adjusted Profit Per Share



    $5.17

    $5.52









    Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14.

     

    IRVING, Texas, Oct. 30, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) announced third-quarter 2024 results. Sales and revenues for the third quarter of 2024 were $16.1 billion, a 4% decrease compared with $16.8 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume.

    Operating profit margin was 19.5% for the third quarter of 2024, compared with 20.5% for the third quarter of 2023. Adjusted operating profit margin was 20.0% for the third quarter of 2024, compared with 20.8% for the third quarter of 2023. Third-quarter 2024 profit per share was $5.06, compared with third-quarter 2023 profit per share of $5.45. Adjusted profit per share in the third quarter of 2024 was $5.17, compared with third-quarter 2023 adjusted profit per share of $5.52. For the third quarter of 2024 and 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring costs.

    For the third quarter of 2024, enterprise operating cash flow was $3.6 billion, and the company ended the third quarter with $5.6 billion of enterprise cash. In the quarter, the company deployed $0.8 billion of cash for repurchases of Caterpillar common stock and $0.7 billion of cash for dividends.

    "I'd like to thank our global team for delivering strong adjusted operating profit margin and adjusted profit per share while generating robust ME&T free cash flow," said Chairman and CEO Jim Umpleby. "Our third-quarter results reflect the benefit of the diversity of our end markets."

    CONSOLIDATED RESULTS

    Consolidated Sales and Revenues

    Consolidated Sales and Revenues Comparison

    Third Quarter 2024 vs. Third Quarter 2023

    To access this chart, go to http://www.caterpillar.com/en/investors/quarterly-results.html for the downloadable version of Caterpillar third-quarter 2024 earnings. 

    The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the third quarter of 2023 (at left) and the third quarter of 2024 (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 2024 were $16.106 billion, a decrease of $704 million, or 4%, compared with $16.810 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume of $759 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users. In addition, changes in dealer inventories had an unfavorable impact to sales volume. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.

    In the three primary segments, sales were lower in Construction Industries and Resource Industries and higher in Energy & Transportation.

    Sales and Revenues by Segment

    (Millions of dollars)

    Third

    Quarter

    2023



    Sales

    Volume



    Price

    Realization



    Currency



    Inter-

    Segment /

    Other



    Third

    Quarter

    2024



    $

    Change



    %

    Change

































    Construction Industries

    $        6,999



    $         (458)



    $         (147)



    $           (64)



    $            15



    $        6,345



    $         (654)



    (9 %)

    Resource Industries

    3,351



    (352)



    38



    (11)



    2



    3,028



    (323)



    (10 %)

    Energy & Transportation

    6,859



    57



    213



    (20)



    78



    7,187



    328



    5 %

    All Other Segment

    106



    (2)



    1



    —



    (13)



    92



    (14)



    (13 %)

    Corporate Items and Eliminations

    (1,327)



    (4)



    (1)



    (7)



    (82)



    (1,421)



    (94)





    Machinery, Energy & Transportation

    15,988



    (759)



    104



    (102)



    —



    15,231



    (757)



    (5 %)

































    Financial Products Segment

    979



    —



    —



    —



    55



    1,034



    55



    6 %

    Corporate Items and Eliminations

    (157)



    —



    —



    —



    (2)



    (159)



    (2)





    Financial Products Revenues

    822



    —



    —



    —



    53



    875



    53



    6 %

































    Consolidated Sales and Revenues

    $       16,810



    $         (759)



    $           104



    $         (102)



    $            53



    $       16,106



    $         (704)



    (4 %)

































     

    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 2024























































    Construction Industries

    $   3,629



    (11 %)



    $     658



    19 %



    $   1,150



    (15 %)



    $     875



    (12 %)



    $   6,312



    (10 %)



    $       33



    83 %



    $   6,345



    (9 %)

    Resource Industries

    1,131



    (17 %)



    498



    — %



    442



    (13 %)



    863



    (3 %)



    2,934



    (10 %)



    94



    2 %



    3,028



    (10 %)

    Energy & Transportation

    3,214



    8 %



    449



    (2 %)



    1,486



    4 %



    856



    (5 %)



    6,005



    4 %



    1,182



    7 %



    7,187



    5 %

    All Other Segment

    12



    (25 %)



    —



    100 %



    3



    (40 %)



    14



    40 %



    29



    (3 %)



    63



    (17 %)



    92



    (13 %)

    Corporate Items and Eliminations

    (43)







    (3)







    9







    (12)







    (49)







    (1,372)







    (1,421)





    Machinery, Energy & Transportation

    7,943



    (5 %)



    1,602



    6 %



    3,090



    (6 %)



    2,596



    (7 %)



    15,231



    (5 %)



    —



    — %



    15,231



    (5 %)

























































    Financial Products Segment

    695



    11 %



    97



    (12 %)



    130



    (2 %)



    112



    2 %



    1,034



    6 %



    —



    — %



    1,034



    6 %

    Corporate Items and Eliminations

    (93)







    (21)







    (21)







    (24)







    (159)







    —







    (159)





    Financial Products Revenues

    602



    12 %



    76



    (15 %)



    109



    (1 %)



    88



    1 %



    875



    6 %



    —



    — %



    875



    6 %

























































    Consolidated Sales and Revenues

    $   8,545



    (4 %)



    $   1,678



    5 %



    $   3,199



    (6 %)



    $   2,684



    (7 %)



    $ 16,106



    (4 %)



    $        —



    — %



    $ 16,106



    (4 %)

























































    Third Quarter 2023























































    Construction Industries

    $   4,078







    $     555







    $   1,351







    $     997







    $   6,981







    $       18







    $   6,999





    Resource Industries

    1,366







    499







    508







    886







    3,259







    92







    3,351





    Energy & Transportation

    2,966







    460







    1,428







    901







    5,755







    1,104







    6,859





    All Other Segment

    16







    (1)







    5







    10







    30







    76







    106





    Corporate Items and Eliminations

    (35)







    1







    —







    (3)







    (37)







    (1,290)







    (1,327)





    Machinery, Energy & Transportation

    8,391







    1,514







    3,292







    2,791







    15,988







    —







    15,988





























































    Financial Products Segment

    627







    110







    132







    110







    979







    —







    979





    Corporate Items and Eliminations

    (91)







    (21)







    (22)







    (23)







    (157)







    —







    (157)





    Financial Products Revenues

    536







    89







    110







    87







    822







    —







    822





























































    Consolidated Sales and Revenues

    $   8,927







    $   1,603







    $   3,402







    $   2,878







    $ 16,810







    $        —







    $ 16,810





























































    Consolidated Operating Profit

    Consolidated Operating Profit Comparison

    Third Quarter 2024 vs. Third Quarter 2023 

    To access this chart, go to http://www.caterpillar.com/en/investors/quarterly-results.html for the downloadable version of Caterpillar third-quarter 2024 earnings. 

    The chart above graphically illustrates reasons for the change in consolidated operating profit between the third quarter of 2023 (at left) and the third quarter of 2024 (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 2024 was $3.147 billion, a decrease of $302 million, or 9%, compared with $3.449 billion in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $372 million, partially offset by favorable price realization of $104 million.

    Profit (Loss) by Segment

    (Millions of dollars)

    Third Quarter

    2024



    Third Quarter

    2023



    $

    Change



    %

     Change

    Construction Industries

    $                 1,486



    $                 1,847



    $                  (361)



    (20 %)

    Resource Industries

    619



    730



    (111)



    (15 %)

    Energy & Transportation

    1,433



    1,181



    252



    21 %

    All Other Segment

    (13)



    21



    (34)



    (162 %)

    Corporate Items and Eliminations

    (427)



    (386)



    (41)





    Machinery, Energy & Transportation

    3,098



    3,393



    (295)



    (9 %)

















    Financial Products Segment

    246



    203



    43



    21 %

    Corporate Items and Eliminations

    (30)



    18



    (48)





    Financial Products

    216



    221



    (5)



    (2 %)

















    Consolidating Adjustments

    (167)



    (165)



    (2)





















    Consolidated Operating Profit

    $                 3,147



    $                 3,449



    $                  (302)



    (9 %)

















    Other Profit/Loss and Tax Items

    • Other income (expense) in the third quarter of 2024 was income of $76 million, compared with income of $195 million in the third quarter of 2023. The change was primarily driven by unfavorable foreign currency impacts.



    • The effective tax rate for the third quarter of 2024 was 20.7% compared to 20.9% for the third quarter of 2023. Excluding the discrete items discussed below, the estimated annual tax rate was 22.5% for the third quarters of 2024 and 2023.



      In the third quarter of 2024, the company recorded discrete tax benefits of $47 million to reflect changes in estimates related to prior years. In addition, a discrete tax benefit of $7 million was recorded in the third quarter of 2024, compared with a $22 million benefit in the third quarter of 2023, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense. The company also recorded a $34 million benefit in the third quarter of 2023 due to a decrease from the second-quarter estimated annual tax rate. 



      Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 13 and 14.

     

    CONSTRUCTION INDUSTRIES

    (Millions of dollars)

































    Segment Sales

































    Third

    Quarter 2023



    Sales

    Volume



    Price

    Realization



    Currency



    Inter-

    Segment



    Third

    Quarter 2024



    $

     Change



    %

     Change

    Total Sales



    $       6,999



    $         (458)



    $      (147)



    $          (64)



    $               15



    $          6,345



    $     (654)



    (9 %)



































    Sales by Geographic Region





















    Third

    Quarter 2024



    Third

    Quarter 2023



    $

    Change



    %

    Change

















    North America



    $       3,629



    $       4,078



    $      (449)



    (11 %)

















    Latin America



    658



    555



    103



    19 %

















    EAME



    1,150



    1,351



    (201)



    (15 %)

















    Asia/Pacific



    875



    997



    (122)



    (12 %)

















    External Sales



    6,312



    6,981



    (669)



    (10 %)

















    Inter-segment



    33



    18



    15



    83 %

















    Total Sales



    $       6,345



    $       6,999



    $      (654)



    (9 %)



















































    Segment Profit





















    Third

    Quarter 2024



    Third

    Quarter 2023



     

    Change



    %

    Change

















    Segment Profit



    $       1,486



    $       1,847



    $      (361)



    (20 %)

















    Segment Profit Margin



    23.4 %



    26.4 %



              (3.0 pts)























































    Construction Industries' total sales were $6.345 billion in the third quarter of 2024, a decrease of $654 million, or 9%, compared with $6.999 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume of $458 million and unfavorable price realization of $147 million. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

    • In North America, sales decreased primarily due to lower sales volume. Lower sales volume was mainly driven by lower sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased less during the third quarter of 2024 than during the third quarter of 2023.
    • Sales increased in Latin America mainly due to higher sales volume, partially offset by unfavorable currency impacts, primarily related to the Brazilian real, and unfavorable price realization. Higher sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory increased during the third quarter of 2024, compared with a decrease during the third quarter of 2023.
    • In EAME, sales decreased primarily due to lower sales volume. Lower sales volume was mainly driven by lower sales of equipment to end users.
    • Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts primarily related to the Japanese yen. Lower sales volume was mainly driven by the impact from changes in dealer inventories. Dealer inventory decreased during the third quarter of 2024, compared with an increase during the third quarter of 2023.

    Construction Industries' segment profit was $1.486 billion in the third quarter of 2024, a decrease of $361 million, or 20%, compared with $1.847 billion in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume of $276 million and unfavorable price realization of $147 million.

    RESOURCE INDUSTRIES

    (Millions of dollars)

































    Segment Sales

































    Third

    Quarter 2023



    Sales

    Volume



    Price

    Realization



    Currency



    Inter-

    Segment



    Third

    Quarter 2024



    $

     Change



    %

     Change

    Total Sales



    $       3,351



    $         (352)



    $          38



    $          (11)



    $                 2



    $          3,028



    $     (323)



    (10 %)



































    Sales by Geographic Region





















    Third

    Quarter 2024



    Third

    Quarter 2023



    $

    Change



    %

    Change

















    North America



    $       1,131



    $       1,366



    $      (235)



    (17 %)

















    Latin America



    498



    499



    (1)



    — %

















    EAME



    442



    508



    (66)



    (13 %)

















    Asia/Pacific



    863



    886



    (23)



    (3 %)

















    External Sales



    2,934



    3,259



    (325)



    (10 %)

















    Inter-segment



    94



    92



    2



    2 %

















    Total Sales



    $       3,028



    $       3,351



    $      (323)



    (10 %)



















































    Segment Profit





















    Third

    Quarter 2024



    Third

    Quarter 2023



     

    Change



    %

    Change

















    Segment Profit



    $          619



    $          730



    $      (111)



    (15 %)

















    Segment Profit Margin



    20.4 %



    21.8 %



              (1.4 pts)























































    Resource Industries' total sales were $3.028 billion in the third quarter of 2024, a decrease of $323 million, or 10%, compared with $3.351 billion in the third quarter of 2023. The decrease was primarily due to lower sales volume. The decrease in sales volume was mainly driven by lower sales of equipment to end users.

    Resource Industries' segment profit was $619 million in the third quarter of 2024, a decrease of $111 million, or 15%, compared with $730 million in the third quarter of 2023. The decrease was mainly due to the profit impact of lower sales volume.

    ENERGY & TRANSPORTATION

    (Millions of dollars)

































    Segment Sales

































    Third

    Quarter 2023



    Sales

    Volume



    Price

    Realization



    Currency



    Inter-

    Segment



    Third

    Quarter 2024



    $

     Change



    %

     Change

    Total Sales



    $       6,859



    $            57



    $        213



    $          (20)



    $               78



    $          7,187



    $      328



    5 %



































    Sales by Application





















    Third

    Quarter 2024



    Third

    Quarter 2023



    $

    Change



    %

    Change

















    Oil and Gas



    $       1,656



    $       1,667



    $        (11)



    (1 %)

















    Power Generation



    2,011



    1,598



    413



    26 %

















    Industrial



    1,028



    1,220



    (192)



    (16 %)

















    Transportation



    1,310



    1,270



    40



    3 %

















    External Sales



    6,005



    5,755



    250



    4 %

















    Inter-segment



    1,182



    1,104



    78



    7 %

















    Total Sales



    $       7,187



    $       6,859



    $        328



    5 %



















































    Segment Profit





















    Third

    Quarter 2024



    Third

    Quarter 2023



     

    Change



    %

    Change

















    Segment Profit



    $       1,433



    $       1,181



    $        252



    21 %

















    Segment Profit Margin



    19.9 %



    17.2 %



               2.7 pts  























































    Energy & Transportation's total sales were $7.187 billion in the third quarter of 2024, an increase of $328 million, or 5%, compared with $6.859 billion in the third quarter of 2023. The increase in sales was primarily due to favorable price realization of $213 million and higher sales volume of $135 million, including inter-segment sales.

    • Oil and Gas – Sales decreased slightly as lower sales of reciprocating engines used in well servicing were primarily offset by higher sales for turbines and turbine-related services.
    • Power Generation – Sales increased in large reciprocating engines, primarily data center applications. Turbines and turbine-related services increased as well.
    • Industrial – Sales decreased in EAME and North America.
    • Transportation – Sales increased in marine applications, partially offset by lower deliveries of international locomotives.

    Energy & Transportation's segment profit was $1.433 billion in the third quarter of 2024, an increase of $252 million, or 21%, compared with $1.181 billion in the third quarter of 2023. The increase was mainly due to favorable price realization.

    FINANCIAL PRODUCTS SEGMENT

    (Millions of dollars)

































    Revenues by Geographic Region





















    Third

    Quarter 2024



    Third

    Quarter 2023



    $

    Change



    %

    Change

















    North America



    $             695



    $             627



    $               68



    11 %

















    Latin America



    97



    110



    (13)



    (12 %)

















    EAME



    130



    132



    (2)



    (2 %)

















    Asia/Pacific



    112



    110



    2



    2 %

















    Total Revenues



    $          1,034



    $             979



    $               55



    6 %



















































    Segment Profit





















    Third

    Quarter 2024



    Third

    Quarter 2023



     

    Change



    %

    Change

















    Segment Profit



    $             246



    $             203



    $               43



    21 %



















































    Financial Products' segment revenues were $1.034 billion in the third quarter of 2024, an increase of $55 million, or 6%, compared with $979 million in the third quarter of 2023. The increase was primarily due to a favorable impact from higher average earning assets of $34 million driven by North America, and a favorable impact from higher average financing rates across all regions of $23 million.

    Financial Products' segment profit was $246 million in the third quarter of 2024, an increase of $43 million, or 21%, compared with $203 million in the third quarter of 2023. The increase was mainly due to a favorable impact from equity securities of $29 million and lower provision for credit losses at Cat Financial of $16 million.

    At the end of the third quarter of 2024, past dues at Cat Financial were 1.74%, compared with 1.96% at the end of the third quarter of 2023. Write-offs, net of recoveries, were $27 million for the third quarter of 2024, compared with $9 million for the third quarter of 2023. As of September 30, 2024, Cat Financial's allowance for credit losses totaled $255 million, or 0.87% of finance receivables, compared with $254 million, or 0.89% of finance receivables at June 30, 2024. The allowance for credit losses at year-end 2023 was $331 million, or 1.18% of finance receivables.

    Corporate Items and Eliminations

    Expense for corporate items and eliminations was $457 million in the third quarter of 2024, an increase of $89 million from the third quarter of 2023. Lower corporate costs were more than offset by an unfavorable change in fair value adjustments related to deferred compensation plans, increased expenses due to timing differences, unfavorable impacts of segment reporting methodology differences and higher restructuring costs.

    Notes

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

    ii.  Sales of equipment to end users is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on Wednesday, Oct. 30, 2024.

    iii.  Information on non-GAAP financial measures is included in the appendix on pages 13 and 14.

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

    v.  Caterpillar will conduct a teleconference and live webcast, with a slide presentation, beginning at 7:30 a.m. Central Time on Wednesday, Oct. 30, 2024, to discuss its 2024 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 2023 sales and revenues of $67.1 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does 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 caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.

    Caterpillar's latest financial results are also available online:

    https://investors.caterpillar.com/overview/default.aspx

    https://investors.caterpillar.com/financials/quarterly-results/default.aspx (live broadcast/replays of quarterly conference call)

    Forward-Looking Statements

    Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

    Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) catastrophic events, including global pandemics such as the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

    APPENDIX

    NON-GAAP FINANCIAL MEASURES

    The following definitions are provided for the non-GAAP financial measures. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore are unlikely to be comparable to the calculation of similar measures for other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures.

    The company believes it is important to separately quantify the profit impact of one significant item in order for the company's results to be meaningful to readers. This item consists of (i) restructuring income/costs. The company does not consider this item indicative of earnings from ongoing business activities and believes the non-GAAP measure provides investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results. The company intends to discuss adjusted profit per share for the fourth quarter and full-year 2024, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans.

    Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:

    (Dollars in millions except per share data)



    Operating

    Profit



    Operating

    Profit Margin



    Profit Before

    Taxes



    Provision

    (Benefit) for

    Income Taxes





    Profit



    Profit per

    Share





























    Three Months Ended September 30, 2024 - U.S. GAAP



    $           3,147



    19.5 %



    $           3,098



    $             642





    $           2,464



    $            5.06

    Restructuring (income) costs



    70



    0.5 %



    70



    16





    54



    0.11

    Three Months Ended September 30, 2024 - Adjusted



    $           3,217



    20.0 %



    $           3,168



    $             658





    $           2,518



    $            5.17





























    Three Months Ended September 30, 2023 - U.S. GAAP



    $           3,449



    20.5 %



    $           3,515



    $             734





    $           2,794



    $            5.45

    Restructuring (income) costs



    46



    0.3 %



    46



    10





    36



    0.07

    Three Months Ended September 30, 2023 - Adjusted



    $           3,495



    20.8 %



    $           3,561



    $             744





    $           2,830



    $            5.52





























    The company believes it is important to separately disclose the annual effective tax rate, excluding discrete items for the results to be meaningful to readers. The annual effective tax rate is discussed using non-GAAP financial measures that exclude the effects of amounts associated with discrete items recorded fully in the quarter they occur. For the three months ended September 30, 2024, and 2023, these items consist of (i) the impact of changes in estimates related to prior years in 2024, (ii) settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense and (iii) the decrease in the annual effective tax rate in 2023. The company believes the non-GAAP measures will provide investors with useful perspective on underlying business results and trends and aids with assessing the company's period-over-period results.

    A reconciliation of the effective tax rate to annual effective tax rate, excluding discrete items is below: 

    (Dollars in millions)



    Profit Before

    Taxes



    Provision

    (Benefit) for

    Income Taxes



    Effective Tax

    Rate















    Three Months Ended September 30, 2024 - U.S. GAAP



    $           3,098



    $             642



    20.7 %

    Changes in estimates related to prior years



    —



    47





    Excess stock-based compensation



    —



    7





    Annual effective tax rate, excluding discrete items



    $           3,098



    $             696



    22.5 %

    Changes in estimates related to prior years



    —



    (47)





    Excess stock-based compensation



    —



    (7)





    Restructuring (income) costs



    70



    16



















    Three Months Ended September 30, 2024 - Adjusted



    $           3,168



    $             658



















    Three Months Ended September 30, 2023 - U.S. GAAP



    $           3,515



    $             734



    20.9 %

    Decrease in annual effective tax rate



    —



    34





    Excess stock-based compensation



    —



    22





    Annual effective tax rate, excluding discrete items



    $           3,515



    $             790



    22.5 %















    Decrease in annual effective tax rate



    —



    (34)





    Excess stock-based compensation



    —



    (22)





    Restructuring (income) costs



    46



    10



















    Three Months Ended September 30, 2023 - Adjusted



    $           3,561



    $             744





    Supplemental Consolidating Data

    The company is providing supplemental consolidating data for the purpose of additional analysis. The data has been grouped as follows:

    Consolidated – Caterpillar Inc. and its subsidiaries.

    Machinery, Energy & Transportation (ME&T) – The company defines ME&T as it is presented in the supplemental data as Caterpillar Inc. and its subsidiaries, excluding Financial Products. ME&T's information relates to the design, manufacturing and marketing of its products.

    Financial Products – The company defines Financial Products as it is presented in the supplemental data as its finance and insurance subsidiaries, primarily Caterpillar Financial Services Corporation (Cat Financial) and Caterpillar Insurance Holdings Inc. (Insurance Services). Financial Products' information relates to the financing to customers and dealers for the purchase and lease of Caterpillar and other equipment.

    Consolidating Adjustments – Eliminations of transactions between ME&T and Financial Products.

    The nature of the ME&T and Financial Products businesses is different, especially with regard to the financial position and cash flow items. Caterpillar management utilizes this presentation internally to highlight these differences. The company believes this presentation will assist readers in understanding its business.

    Pages 16 to 26 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.

     

    Caterpillar Inc.

    Condensed Consolidated Statement of Results of Operations

    (Unaudited)

    (Dollars in millions except per share data)





    Three Months Ended

    September 30,



    Nine Months Ended

    September 30,



    2024



    2023



    2024



    2023

    Sales and revenues:















      Sales of Machinery, Energy & Transportation

    $       15,231



    $      15,988



    $       46,031



    $     47,632

      Revenues of Financial Products

    875



    822



    2,563



    2,358

      Total sales and revenues

    16,106



    16,810



    48,594



    49,990

















    Operating costs:















      Cost of goods sold

    10,066



    10,583



    29,878



    31,751

      Selling, general and administrative expenses

    1,669



    1,624



    4,898



    4,615

      Research and development expenses

    533



    554



    1,588



    1,554

      Interest expense of Financial Products

    336



    280



    948



    742

      Other operating (income) expenses

    355



    320



    1,134



    1,496

      Total operating costs

    12,959



    13,361



    38,446



    40,158

















    Operating profit

    3,147



    3,449



    10,148



    9,832

















      Interest expense excluding Financial Products

    125



    129



    405



    385

      Other income (expense)

    76



    195



    387



    354

















    Consolidated profit before taxes

    3,098



    3,515



    10,130



    9,801

















      Provision (benefit) for income taxes

    642



    734



    2,166



    2,194

      Profit of consolidated companies

    2,456



    2,781



    7,964



    7,607

















      Equity in profit (loss) of unconsolidated affiliated companies

    7



    12



    34



    52

















    Profit of consolidated and affiliated companies

    2,463



    2,793



    7,998



    7,659

















    Less: Profit (loss) attributable to noncontrolling interests

    (1)



    (1)



    (3)



    —

















    Profit 1

    $         2,464



    $        2,794



    $         8,001



    $       7,659

































    Profit per common share

    $          5.09



    $          5.48



    $         16.36



    $       14.93

    Profit per common share — diluted 2

    $          5.06



    $          5.45



    $         16.27



    $       14.85

















    Weighted-average common shares outstanding (millions)















      – Basic

    484.2



    509.8



    489.0



    513.0

      – Diluted 2

    486.7



    512.6



    491.7



    515.7





















    1

    Profit attributable to common shareholders.

    2

    Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

     

    Caterpillar Inc.

    Condensed Consolidated Statement of Financial Position

    (Unaudited)

    (Millions of dollars)





    September 30,

    2024



    December 31,

    2023

    Assets







    Current assets:







    Cash and cash equivalents

    $                     5,638



    $                     6,978

    Receivables – trade and other

    9,086



    9,310

    Receivables – finance

    9,816



    9,510

    Prepaid expenses and other current assets

    3,094



    4,586

    Inventories

    17,312



    16,565

    Total current assets

    44,946



    46,949









    Property, plant and equipment – net

    12,837



    12,680

    Long-term receivables – trade and other

    1,346



    1,238

    Long-term receivables – finance

    13,263



    12,664

    Noncurrent deferred and refundable income taxes

    3,050



    2,816

    Intangible assets

    448



    564

    Goodwill

    5,317



    5,308

    Other assets

    5,066



    5,257

    Total assets

    $                   86,273



    $                   87,476









    Liabilities







    Current liabilities:







    Short-term borrowings:







    -- Financial Products

    $                     3,725



    $                     4,643

    Accounts payable

    7,705



    7,906

    Accrued expenses

    4,980



    4,958

    Accrued wages, salaries and employee benefits

    2,078



    2,757

    Customer advances

    2,404



    1,929

    Dividends payable

    —



    649

    Other current liabilities

    2,934



    3,123

    Long-term debt due within one year:







    -- Machinery, Energy & Transportation

    46



    1,044

    -- Financial Products

    8,346



    7,719

    Total current liabilities

    32,218



    34,728









    Long-term debt due after one year:







    -- Machinery, Energy & Transportation

    8,634



    8,579

    -- Financial Products

    17,150



    15,893

    Liability for postemployment benefits

    4,029



    4,098

    Other liabilities

    4,839



    4,675

    Total liabilities

    66,870



    67,973









    Shareholders' equity







    Common stock

    5,584



    6,403

    Treasury stock

    (42,390)



    (36,339)

    Profit employed in the business

    57,920



    51,250

    Accumulated other comprehensive income (loss)

    (1,717)



    (1,820)

    Noncontrolling interests

    6



    9

    Total shareholders' equity

    19,403



    19,503

    Total liabilities and shareholders' equity

    $                   86,273



    $                   87,476

     

    Caterpillar Inc.

    Condensed Consolidated Statement of Cash Flow

    (Unaudited)

    (Millions of dollars)





    Nine Months Ended

    September 30,



    2024



    2023

    Cash flow from operating activities:







    Profit of consolidated and affiliated companies

    $              7,998



    $              7,659

    Adjustments to reconcile profit to net cash provided by operating activities:







    Depreciation and amortization

    1,598



    1,599

    Provision (benefit) for deferred income taxes

    (329)



    (448)

    (Gain) loss on divestiture

    164



    572

    Other

    221



    205

    Changes in assets and liabilities, net of acquisitions and divestitures:







    Receivables – trade and other

    (30)



    (319)

    Inventories

    (781)



    (1,424)

    Accounts payable

    (96)



    (532)

    Accrued expenses

    9



    588

    Accrued wages, salaries and employee benefits

    (671)



    —

    Customer advances

    476



    516

    Other assets – net

    120



    128

    Other liabilities – net

    (37)



    338

    Net cash provided by (used for) operating activities

    8,642



    8,882

    Cash flow from investing activities:







    Capital expenditures – excluding equipment leased to others

    (1,285)



    (1,061)

    Expenditures for equipment leased to others

    (893)



    (1,177)

    Proceeds from disposals of leased assets and property, plant and equipment

    541



    563

    Additions to finance receivables

    (11,457)



    (11,082)

    Collections of finance receivables

    10,234



    10,391

    Proceeds from sale of finance receivables

    69



    40

    Investments and acquisitions (net of cash acquired)

    (32)



    (67)

    Proceeds from sale of businesses and investments (net of cash sold)

    (67)



    (14)

    Proceeds from maturities and sale of securities

    2,841



    747

    Investments in securities

    (892)



    (3,689)

    Other – net

    137



    32

    Net cash provided by (used for) investing activities

    (804)



    (5,317)

    Cash flow from financing activities:







    Dividends paid

    (1,966)



    (1,901)

    Common stock issued, including treasury shares reissued

    15



    36

    Payments to purchase common stock

    (7,057)



    (2,209)

    Proceeds from debt issued (original maturities greater than three months)

    7,579



    6,360

    Payments on debt (original maturities greater than three months)

    (6,862)



    (4,459)

    Short-term borrowings – net (original maturities three months or less)

    (848)



    (1,726)

    Net cash provided by (used for) financing activities

    (9,139)



    (3,899)

    Effect of exchange rate changes on cash

    (39)



    (119)

    Increase (decrease) in cash, cash equivalents and restricted cash

    (1,340)



    (453)

    Cash, cash equivalents and restricted cash at beginning of period

    6,985



    7,013

    Cash, cash equivalents and restricted cash at end of period

    $              5,645



    $              6,560



    Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.

     

    Caterpillar Inc.

    Supplemental Data for Results of Operations

    For the Three Months Ended September 30, 2024

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Sales and revenues:

















    Sales of Machinery, Energy & Transportation

    $          15,231



    $                15,231



    $                —



    $                 —



    Revenues of Financial Products

    875



    —



    1,078



    (203)

    1

    Total sales and revenues

    16,106



    15,231



    1,078



    (203)





















    Operating costs:

















    Cost of goods sold

    10,066



    10,067



    —



    (1)

    2

    Selling, general and administrative expenses

    1,669



    1,484



    197



    (12)

    2

    Research and development expenses

    533



    533



    —



    —



    Interest expense of Financial Products

    336



    —



    336



    —



    Other operating (income) expenses

    355



    49



    329



    (23)

    2

    Total operating costs

    12,959



    12,133



    862



    (36)





















    Operating profit

    3,147



    3,098



    216



    (167)





















    Interest expense excluding Financial Products

    125



    127



    —



    (2)

    3

    Other income (expense)

    76



    (122)



    33



    165

    4



















    Consolidated profit before taxes

    3,098



    2,849



    249



    —





















    Provision (benefit) for income taxes

    642



    582



    60



    —



    Profit of consolidated companies

    2,456



    2,267



    189



    —





















    Equity in profit (loss) of unconsolidated affiliated companies

    7



    7



    —



    —





















    Profit of consolidated and affiliated companies

    2,463



    2,274



    189



    —





















    Less: Profit (loss) attributable to noncontrolling interests

    (1)



    (1)



    —



    —





















    Profit 5

    $            2,464



    $                  2,275



    $              189



    $                 —





    1

    Elimination of Financial Products' revenues earned from ME&T.

    2

    Elimination of net expenses recorded between ME&T and Financial Products.

    3

    Elimination of interest expense recorded between Financial Products and ME&T.

    4

    Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

    5

    Profit attributable to common shareholders.

     

    Caterpillar Inc.

    Supplemental Data for Results of Operations

    For the Three Months Ended September 30, 2023

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Sales and revenues:

















    Sales of Machinery, Energy & Transportation

    $          15,988



    $              15,988



    $                —



    $                 —



    Revenues of Financial Products

    822



    —



    1,017



    (195)

    1

    Total sales and revenues

    16,810



    15,988



    1,017



    (195)





















    Operating costs:

















    Cost of goods sold

    10,583



    10,586



    —



    (3)

    2

    Selling, general and administrative expenses

    1,624



    1,430



    206



    (12)

    2

    Research and development expenses

    554



    554



    —



    —



    Interest expense of Financial Products

    280



    —



    280



    —



    Other operating (income) expenses

    320



    25



    310



    (15)

    2

    Total operating costs

    13,361



    12,595



    796



    (30)





















    Operating profit

    3,449



    3,393



    221



    (165)





















    Interest expense excluding Financial Products

    129



    129



    —



    —



    Other income (expense)

    195



    42



    (12)



    165

    3



















    Consolidated profit before taxes

    3,515



    3,306



    209



    —





















    Provision (benefit) for income taxes

    734



    654



    80



    —



    Profit of consolidated companies

    2,781



    2,652



    129



    —





















    Equity in profit (loss) of unconsolidated affiliated companies

    12



    12



    —



    —





















    Profit of consolidated and affiliated companies

    2,793



    2,664



    129



    —





















    Less: Profit (loss) attributable to noncontrolling interests

    (1)



    (1)



    —



    —





















    Profit 4

    $            2,794



    $                2,665



    $              129



    $                 —





    1

    Elimination of Financial Products' revenues earned from ME&T.

    2

    Elimination of net expenses recorded by ME&T paid to Financial Products.

    3

    Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

    4

    Profit attributable to common shareholders.

     

    Caterpillar Inc.

    Supplemental Data for Results of Operations

    For the Nine Months Ended September 30, 2024

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Sales and revenues:

















    Sales of Machinery, Energy & Transportation

    $          46,031



    $                46,031



    $                —



    $                 —



    Revenues of Financial Products

    2,563



    —



    3,150



    (587)

    1

    Total sales and revenues

    48,594



    46,031



    3,150



    (587)





















    Operating costs:

















    Cost of goods sold

    29,878



    29,883



    —



    (5)

    2

    Selling, general and administrative expenses

    4,898



    4,346



    560



    (8)

    2

    Research and development expenses

    1,588



    1,588



    —



    —



    Interest expense of Financial Products

    948



    —



    948



    —



    Other operating (income) expenses

    1,134



    51



    1,174



    (91)

    2

    Total operating costs

    38,446



    35,868



    2,682



    (104)





















    Operating profit

    10,148



    10,163



    468



    (483)





















    Interest expense excluding Financial Products

    405



    407



    —



    (2)

    3

    Other income (expense)

    387



    (163)



    69



    481

    4



















    Consolidated profit before taxes

    10,130



    9,593



    537



    —





















    Provision (benefit) for income taxes

    2,166



    1,983



    183



    —



    Profit of consolidated companies

    7,964



    7,610



    354



    —





















    Equity in profit (loss) of unconsolidated affiliated companies

    34



    34



    —



    —





















    Profit of consolidated and affiliated companies

    7,998



    7,644



    354



    —





















    Less: Profit (loss) attributable to noncontrolling interests

    (3)



    (4)



    1



    —





















    Profit 5

    $            8,001



    $                  7,648



    $              353



    $                 —





    1

    Elimination of Financial Products' revenues earned from ME&T.

    2

    Elimination of net expenses recorded between ME&T and Financial Products.

    3

    Elimination of interest expense recorded between Financial Products and ME&T.

    4

    Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

    5

    Profit attributable to common shareholders.

     

    Caterpillar Inc.

    Supplemental Data for Results of Operations

    For the Nine Months Ended September 30, 2023

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Sales and revenues:

















    Sales of Machinery, Energy & Transportation

    $          47,632



    $                47,632



    $                —



    $                 —



    Revenues of Financial Products

    2,358



    —



    2,907



    (549)

    1

    Total sales and revenues

    49,990



    47,632



    2,907



    (549)





















    Operating costs:

















    Cost of goods sold

    31,751



    31,758



    —



    (7)

    2

    Selling, general and administrative expenses

    4,615



    4,139



    507



    (31)

    2

    Research and development expenses

    1,554



    1,554



    —



    —



    Interest expense of Financial Products

    742



    —



    742



    —



    Other operating (income) expenses

    1,496



    624



    923



    (51)

    2

    Total operating costs

    40,158



    38,075



    2,172



    (89)





















    Operating profit

    9,832



    9,557



    735



    (460)





















    Interest expense excluding Financial Products

    385



    385



    —



    —



    Other income (expense)

    354



    18



    (49)



    385

    3



















    Consolidated profit before taxes

    9,801



    9,190



    686



    (75)





















    Provision (benefit) for income taxes

    2,194



    1,993



    201



    —



    Profit of consolidated companies

    7,607



    7,197



    485



    (75)





















    Equity in profit (loss) of unconsolidated affiliated companies

    52



    55



    —



    (3)

    4



















    Profit of consolidated and affiliated companies

    7,659



    7,252



    485



    (78)





















    Less: Profit (loss) attributable to noncontrolling interests

    —



    (2)



    5



    (3)

    5



















    Profit 6

    $            7,659



    $                  7,254



    $              480



    $                (75)





    1

    Elimination of Financial Products' revenues earned from ME&T.

    2

    Elimination of net expenses recorded by ME&T paid to Financial Products.

    3

    Elimination of discount recorded by ME&T on receivables sold to Financial Products and of interest earned between ME&T and Financial Products as well as dividends paid by Financial Products to ME&T.

    4

    Elimination of equity profit (loss) earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

    5

    Elimination of noncontrolling interest profit (loss) recorded by Financial Products for subsidiaries partially owned by ME&T subsidiaries.

    6

    Profit attributable to common shareholders.

     

    Caterpillar Inc.

    Supplemental Data for Financial Position

    At September 30, 2024

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Assets

















    Current assets:

















    Cash and cash equivalents

    $             5,638



    $                 4,760



    $               878



    $                 —



    Receivables – trade and other

    9,086



    3,421



    489



    5,176

    1,2

    Receivables – finance

    9,816



    —



    15,188



    (5,372)

    2

    Prepaid expenses and other current assets

    3,094



    2,941



    417



    (264)

    3

    Inventories

    17,312



    17,312



    —



    —



    Total current assets

    44,946



    28,434



    16,972



    (460)





















    Property, plant and equipment – net

    12,837



    8,943



    3,894



    —



    Long-term receivables – trade and other

    1,346



    582



    128



    636

    1,2

    Long-term receivables – finance

    13,263



    —



    14,003



    (740)

    2

    Noncurrent deferred and refundable income taxes

    3,050



    3,553



    112



    (615)

    4

    Intangible assets

    448



    448



    —



    —



    Goodwill

    5,317



    5,317



    —



    —



    Other assets

    5,066



    3,828



    2,271



    (1,033)

    5

    Total assets

    $           86,273



    $               51,105



    $           37,380



    $            (2,212)





















    Liabilities

















    Current liabilities:

















    Short-term borrowings

    $             3,725



    $                     —



    $             3,725



    $                 —



    Accounts payable

    7,705



    7,630



    287



    (212)

    6,7

    Accrued expenses

    4,980



    4,351



    629



    —



    Accrued wages, salaries and employee benefits

    2,078



    2,028



    50



    —



    Customer advances

    2,404



    2,385



    3



    16

    7

    Other current liabilities

    2,934



    2,407



    813



    (286)

    4,5,8

    Long-term debt due within one year

    8,392



    46



    8,346



    —



    Total current liabilities

    32,218



    18,847



    13,853



    (482)





















    Long-term debt due after one year

    25,784



    8,738



    17,150



    (104)

    9

    Liability for postemployment benefits

    4,029



    4,029



    —



    —



    Other liabilities

    4,839



    3,970



    1,522



    (653)

    4,5

    Total liabilities

    66,870



    35,584



    32,525



    (1,239)





















    Shareholders' equity

















    Common stock

    5,584



    5,584



    905



    (905)

    10

    Treasury stock

    (42,390)



    (42,390)



    —



    —



    Profit employed in the business

    57,920



    53,100



    4,810



    10

    10

    Accumulated other comprehensive income (loss)

    (1,717)



    (781)



    (936)



    —



    Noncontrolling interests

    6



    8



    76



    (78)

    10

    Total shareholders' equity

    19,403



    15,521



    4,855



    (973)



    Total liabilities and shareholders' equity

    $           86,273



    $               51,105



    $           37,380



    $            (2,212)





    1

    Elimination of receivables between ME&T and Financial Products.

    2

    Reclassification of ME&T's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

    3

    Elimination of ME&T's insurance premiums that are prepaid to Financial Products.

    4

    Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

    5

    Elimination of other intercompany assets and liabilities between ME&T and Financial Products.

    6

    Elimination of payables between ME&T and Financial Products.

    7

    Reclassification of Financial Products' payables to customer advances.

    8

    Elimination of prepaid insurance in Financial Products' other liabilities.

    9

    Elimination of debt between ME&T and Financial Products.

    10

    Eliminations associated with ME&T's investments in Financial Products' subsidiaries.

     

    Caterpillar Inc.

    Supplemental Data for Financial Position

    At December 31, 2023

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Assets

















    Current assets:

















    Cash and cash equivalents

    $             6,978



    $              6,106



    $               872



    $                   —



    Receivables – trade and other

    9,310



    3,971



    570



    4,769

    1,2

    Receivables – finance

    9,510



    —



    14,499



    (4,989)

    2

    Prepaid expenses and other current assets

    4,586



    4,327



    341



    (82)

    3

    Inventories

    16,565



    16,565



    —



    —



    Total current assets

    46,949



    30,969



    16,282



    (302)





















    Property, plant and equipment – net

    12,680



    8,694



    3,986



    —



    Long-term receivables – trade and other

    1,238



    565



    85



    588

    1,2

    Long-term receivables – finance

    12,664



    —



    13,299



    (635)

    2

    Noncurrent deferred and refundable income taxes

    2,816



    3,360



    148



    (692)

    4

    Intangible assets

    564



    564



    —



    —



    Goodwill

    5,308



    5,308



    —



    —



    Other assets

    5,257



    4,218



    2,082



    (1,043)

    5

    Total assets

    $           87,476



    $             53,678



    $           35,882



    $             (2,084)





















    Liabilities

















    Current liabilities:

















    Short-term borrowings

    $             4,643



    $                   —



    $            4,643



    $                   —



    Accounts payable

    7,906



    7,827



    314



    (235)

    6,7

    Accrued expenses

    4,958



    4,361



    597



    —



    Accrued wages, salaries and employee benefits

    2,757



    2,696



    61



    —



    Customer advances

    1,929



    1,912



    2



    15

    7

    Dividends payable

    649



    649



    —



    —



    Other current liabilities

    3,123



    2,583



    647



    (107)

    4,8

    Long-term debt due within one year

    8,763



    1,044



    7,719



    —



    Total current liabilities

    34,728



    21,072



    13,983



    (327)





















    Long-term debt due after one year

    24,472



    8,626



    15,893



    (47)

    9

    Liability for postemployment benefits

    4,098



    4,098



    —



    —



    Other liabilities

    4,675



    3,806



    1,607



    (738)

    4

    Total liabilities

    67,973



    37,602



    31,483



    (1,112)





















    Shareholders' equity

















    Common stock

    6,403



    6,403



    905



    (905)

    10

    Treasury stock

    (36,339)



    (36,339)



    —



    —



    Profit employed in the business

    51,250



    46,783



    4,457



    10

    10

    Accumulated other comprehensive income (loss)

    (1,820)



    (783)



    (1,037)



    —



    Noncontrolling interests

    9



    12



    74



    (77)

    10

    Total shareholders' equity

    19,503



    16,076



    4,399



    (972)



    Total liabilities and shareholders' equity

    $           87,476



    $             53,678



    $           35,882



    $             (2,084)





    1

    Elimination of receivables between ME&T and Financial Products.

    2

    Reclassification of ME&T's trade receivables purchased by Financial Products and Financial Products' wholesale inventory receivables.

    3

    Elimination of ME&T's insurance premiums that are prepaid to Financial Products.

    4

    Reclassification reflecting required netting of deferred tax assets/liabilities by taxing jurisdiction.

    5

    Elimination of other intercompany assets between ME&T and Financial Products.

    6

    Elimination of payables between ME&T and Financial Products.

    7

    Reclassification of Financial Products' payables to customer advances.

    8

    Elimination of prepaid insurance in Financial Products' other liabilities.

    9

    Elimination of debt between ME&T and Financial Products.

    10

    Eliminations associated with ME&T's investments in Financial Products' subsidiaries.

     

    Caterpillar Inc.

    Supplemental Data for Cash Flow

    For the Nine Months Ended September 30, 2024

    (Unaudited)

    (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Cash flow from operating activities:

















    Profit of consolidated and affiliated companies

    $              7,998



    $              7,644



    $                354



    $                  —



    Adjustments to reconcile profit to net cash provided by operating activities:

















    Depreciation and amortization

    1,598



    1,010



    588



    —



    Provision (benefit) for deferred income taxes

    (329)



    (277)



    (52)



    —



    (Gain) loss on divestiture

    164



    (46)



    210



    —



    Other

    221



    236



    (447)



    432

    1

    Changes in assets and liabilities, net of acquisitions and divestitures:

















    Receivables – trade and other

    (30)



    554



    (17)



    (567)

    1,2

    Inventories

    (781)



    (770)



    —



    (11)

    1

    Accounts payable

    (96)



    (79)



    (40)



    23

    1

    Accrued expenses

    9



    —



    9



    —



    Accrued wages, salaries and employee benefits

    (671)



    (660)



    (11)



    —



    Customer advances

    476



    475



    1



    —



    Other assets – net

    120



    (226)



    191



    155

    1

    Other liabilities – net

    (37)



    (135)



    232



    (134)

    1

    Net cash provided by (used for) operating activities

    8,642



    7,726



    1,018



    (102)



    Cash flow from investing activities:

















    Capital expenditures – excluding equipment leased to others

    (1,285)



    (1,264)



    (25)



    4

    1

    Expenditures for equipment leased to others

    (893)



    (20)



    (889)



    16

    1

    Proceeds from disposals of leased assets and property, plant and equipment

    541



    25



    525



    (9)

    1

    Additions to finance receivables

    (11,457)



    —



    (12,271)



    814

    2

    Collections of finance receivables

    10,234



    —



    10,889



    (655)

    2

    Net intercompany purchased receivables

    —



    —



    68



    (68)

    2

    Proceeds from sale of finance receivables

    69



    —



    69



    —



    Net intercompany borrowings

    —



    —



    15



    (15)

    3

    Investments and acquisitions (net of cash acquired)

    (32)



    (32)



    —



    —



    Proceeds from sale of businesses and investments (net of cash sold)

    (67)



    86



    (153)



    —



    Proceeds from maturities and sale of securities

    2,841



    2,565



    276



    —



    Investments in securities

    (892)



    (469)



    (423)



    —



    Other – net

    137



    118



    19



    —



    Net cash provided by (used for) investing activities

    (804)



    1,009



    (1,900)



    87



    Cash flow from financing activities:

















    Dividends paid

    (1,966)



    (1,966)



    —



    —



    Common stock issued, including treasury shares reissued

    15



    15



    —



    —



    Payments to purchase common stock

    (7,057)



    (7,057)



    —



    —



    Net intercompany borrowings

    —



    (15)



    —



    15

    3

    Proceeds from debt issued (original maturities greater than three months)

    7,579



    —



    7,579



    —



    Payments on debt (original maturities greater than three months)

    (6,862)



    (1,021)



    (5,841)



    —



    Short-term borrowings – net (original maturities three months or less)

    (848)



    —



    (848)



    —



    Net cash provided by (used for) financing activities

    (9,139)



    (10,044)



    890



    15



    Effect of exchange rate changes on cash

    (39)



    (37)



    (2)



    —



    Increase (decrease) in cash, cash equivalents and restricted cash

    (1,340)



    (1,346)



    6



    —



    Cash, cash equivalents and restricted cash at beginning of period

    6,985



    6,111



    874



    —



    Cash, cash equivalents and restricted cash at end of period

    $              5,645



    $              4,765



    $                880



    $                  —





    1

    Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

    2

    Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

    3

    Elimination of net proceeds and payments to/from ME&T and Financial Products.

     

    Caterpillar Inc.

    Supplemental Data for Cash Flow

    For the Nine Months Ended September 30, 2023

    (Unaudited)

     (Millions of dollars)













    Supplemental Consolidating Data





    Consolidated



    Machinery,

    Energy &

    Transportation



    Financial

    Products



    Consolidating

    Adjustments



    Cash flow from operating activities:

















    Profit of consolidated and affiliated companies

    $              7,659



    $              7,252



    $                485



    $                 (78)

    1,5

    Adjustments to reconcile profit to net cash provided by operating activities:

















    Depreciation and amortization

    1,599



    1,015



    584



    —



    Provision (benefit) for deferred income taxes

    (448)



    (456)



    8



    —



    (Gain) loss on divestiture

    572



    572



    —



    —



    Other

    205



    309



    (463)



    359

    2

    Changes in assets and liabilities, net of acquisitions and divestitures:

















    Receivables – trade and other

    (319)



    (46)



    70



    (343)

    2,3

    Inventories

    (1,424)



    (1,420)



    —



    (4)

    2

    Accounts payable

    (532)



    (628)



    26



    70

    2

    Accrued expenses

    588



    557



    31



    —



    Accrued wages, salaries and employee benefits

    —



    1



    (1)



    —



    Customer advances

    516



    515



    1



    —



    Other assets – net

    128



    107



    17



    4

    2

    Other liabilities – net

    338



    177



    147



    14

    2

    Net cash provided by (used for) operating activities

    8,882



    7,955



    905



    22



    Cash flow from investing activities:

















    Capital expenditures – excluding equipment leased to others

    (1,061)



    (1,088)



    (16)



    43

    2

    Expenditures for equipment leased to others

    (1,177)



    (20)



    (1,165)



    8

    2

    Proceeds from disposals of leased assets and property, plant and equipment

    563



    46



    564



    (47)

    2

    Additions to finance receivables

    (11,082)



    —



    (12,493)



    1,411

    3

    Collections of finance receivables

    10,391



    —



    11,554



    (1,163)

    3

    Net intercompany purchased receivables

    —



    —



    429



    (429)

    3

    Proceeds from sale of finance receivables

    40



    —



    40



    —



    Net intercompany borrowings

    —



    —



    7



    (7)

    4

    Investments and acquisitions (net of cash acquired)

    (67)



    (67)



    —



    —



    Proceeds from sale of businesses and investments (net of cash sold)

    (14)



    (14)



    —



    —



    Proceeds from sale of securities

    747



    553



    194



    —



    Investments in securities

    (3,689)



    (3,340)



    (349)



    —



    Other – net

    32



    43



    (11)



    —



    Net cash provided by (used for) investing activities

    (5,317)



    (3,887)



    (1,246)



    (184)



    Cash flow from financing activities:

















    Dividends paid

    (1,901)



    (1,901)



    (155)



    155

    5

    Common stock issued, including treasury shares reissued

    36



    36



    —



    —



    Payments to purchase common stock

    (2,209)



    (2,209)



    —



    —



    Net intercompany borrowings

    —



    (7)



    —



    7

    4

    Proceeds from debt issued (original maturities greater than three months)

    6,360



    —



    6,360



    —



    Payments on debt (original maturities greater than three months)

    (4,459)



    (99)



    (4,360)



    —



    Short-term borrowings – net (original maturities three months or less)

    (1,726)



    (3)



    (1,723)



    —



    Net cash provided by (used for) financing activities

    (3,899)



    (4,183)



    122



    162



    Effect of exchange rate changes on cash

    (119)



    (55)



    (64)



    —



    Increase (decrease) in cash, cash equivalents and restricted cash

    (453)



    (170)



    (283)



    —



    Cash, cash equivalents and restricted cash at beginning of period

    7,013



    6,049



    964



    —



    Cash, cash equivalents and restricted cash at end of period

    $              6,560



    $              5,879



    $                681



    $                  —





    1

    Elimination of equity profit earned from Financial Products' subsidiaries partially owned by ME&T subsidiaries.

    2

    Elimination of non-cash adjustments and changes in assets and liabilities related to consolidated reporting.

    3

    Reclassification of Financial Products' cash flow activity from investing to operating for receivables that arose from the sale of inventory.

    4

    Elimination of net proceeds and payments to/from ME&T and Financial Products.

    5

    Elimination of dividend activity between Financial Products and ME&T.

     

    Cision View original content:https://www.prnewswire.com/news-releases/caterpillar-reports-third-quarter-2024-results-302291382.html

    SOURCE Caterpillar Inc.

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    • Amendment: SEC Form SC 13G/A filed by Caterpillar Inc.

      SC 13G/A - CATERPILLAR INC (0000018230) (Subject)

      11/13/24 12:52:42 PM ET
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    • SEC Form SC 13G/A filed by Caterpillar Inc. (Amendment)

      SC 13G/A - CATERPILLAR INC (0000018230) (Subject)

      2/13/24 5:01:03 PM ET
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    • SEC Form SC 13G/A filed by Caterpillar Inc. (Amendment)

      SC 13G/A - CATERPILLAR INC (0000018230) (Subject)

      2/9/24 6:19:03 PM ET
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    $CAT
    Insider Purchases

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    • Director Maclennan David bought $120,262 worth of shares (375 units at $320.70), increasing direct ownership by 6% to 6,653 units (SEC Form 4)

      4 - CATERPILLAR INC (0000018230) (Issuer)

      5/8/25 8:48:43 AM ET
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    • Director Johnson Gerald bought $31,848 worth of shares (100 units at $318.48), increasing direct ownership by 3% to 3,165 units (SEC Form 4)

      4 - CATERPILLAR INC (0000018230) (Issuer)

      5/5/25 4:27:04 PM ET
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    • Director Johnson Gerald bought $36,557 worth of shares (100 units at $365.57), increasing direct ownership by 3% to 3,053 units (SEC Form 4)

      4 - CATERPILLAR INC (0000018230) (Issuer)

      2/5/25 12:37:06 PM ET
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    Insider Trading

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    • Director Maclennan David bought $120,262 worth of shares (375 units at $320.70), increasing direct ownership by 6% to 6,653 units (SEC Form 4)

      4 - CATERPILLAR INC (0000018230) (Issuer)

      5/8/25 8:48:43 AM ET
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    • Director Johnson Gerald bought $31,848 worth of shares (100 units at $318.48), increasing direct ownership by 3% to 3,165 units (SEC Form 4)

      4 - CATERPILLAR INC (0000018230) (Issuer)

      5/5/25 4:27:04 PM ET
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    • SEC Form 3 filed by new insider Pambianchi Christine M

      3 - CATERPILLAR INC (0000018230) (Issuer)

      5/2/25 2:21:22 PM ET
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    SEC Filings

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    • SEC Form 10-Q filed by Caterpillar Inc.

      10-Q - CATERPILLAR INC (0000018230) (Filer)

      5/7/25 9:31:50 AM ET
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    • SEC Form DEF 14A filed by Caterpillar Inc.

      DEF 14A - CATERPILLAR INC (0000018230) (Filer)

      4/30/25 1:07:06 PM ET
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    • SEC Form DEFA14A filed by Caterpillar Inc.

      DEFA14A - CATERPILLAR INC (0000018230) (Filer)

      4/30/25 1:08:10 PM ET
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    Leadership Updates

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    • Caterpillar Announces Appointment of Executive Officer, Chief Human Resources Officer Christy Pambianchi

      IRVING, Texas, April 3, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) today announced the appointment of Christy Pambianchi to Chief Human Resources Officer (CHRO) effective May 1. Pambianchi will be a member of Caterpillar's Executive Office and will succeed Cheryl H. Johnson, whose retirement was announced in January. Pambianchi has served as a CHRO for the past 18 years at various companies across multiple industries, most recently serving as Chief People Officer at Intel, a global leader in semiconductor design and manufacturing with over $53 billion in annual revenue.

      4/3/25 9:00:00 AM ET
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    • Caterpillar Kicks Off its Next 100 Years of Innovation and Industry Leadership

      Company celebrates its centennial anniversary with employees, founders and communities IRVING, Texas, Jan. 9, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) today marked its 100th anniversary with celebrations throughout the U.S. that commemorate a monumental moment in the company's history. The iconic manufacturing company officially turns 100 on April 15, marking a century of customer-centric innovation and industry-leading transformation. The Holt Manufacturing Company and the C.L. Best Tractor Co. merged to form what was then known as the Caterpillar Tractor Co. in 1925.

      1/9/25 1:30:00 PM ET
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    • Caterpillar Announces Appointment of New Independent Director

      Nazzic Keene to Join the Board IRVING, Texas, Oct. 11, 2024 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) today announced that Nazzic S. Keene, former chief executive officer of Science Applications International Corporation (SAIC), has been appointed to the Caterpillar board of directors, effective Nov. 1.  Keene will serve on Caterpillar's Nominating & Governance Committee and Compensation & Human Resources Committee. "We are pleased to welcome a leader of such high caliber to our board," said Caterpillar Chairman and CEO Jim Umpleby. "With Nazzic's leadership history of drivi

      10/11/24 8:30:00 AM ET
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    $CAT
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Caterpillar upgraded by Robert W. Baird with a new price target

      Robert W. Baird upgraded Caterpillar from Underperform to Neutral and set a new price target of $309.00

      5/1/25 7:42:13 AM ET
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    • Caterpillar upgraded by Oppenheimer with a new price target

      Oppenheimer upgraded Caterpillar from Perform to Outperform and set a new price target of $395.00

      5/1/25 7:42:13 AM ET
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    • Caterpillar upgraded by Morgan Stanley with a new price target

      Morgan Stanley upgraded Caterpillar from Underweight to Equal-Weight and set a new price target of $283.00

      4/16/25 9:01:10 AM ET
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    Financials

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    • Caterpillar Reports First-Quarter 2025 Results

      First-quarter 2025 profit per share of $4.20; adjusted profit per share of $4.25Enterprise operating cash flow was $1.3 billion in the first quarter of 2025Deployed $4.3 billion of cash for share repurchases and dividends in the first quarterFirst Quarter ($ in billions except profit per share) 2025 2024 Sales and Revenues $14.2 $15.8 Profit Per Share $4.20 $5.75 Adjusted Profit Per Share $4.25 $5.60 Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on pages 12 and 13.   IRVING, Texas, April 30, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) announced first-quarter 2025 results. Sales and revenues for the first quarter of 2025 were $14.2 billion, a 10% decr

      4/30/25 6:30:00 AM ET
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    • Caterpillar Inc. to Announce First-Quarter 2025 Financial Results on April 30

      IRVING, Texas, April 16, 2025 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) will release first-quarter 2025 financial results at 5:30 a.m. CDT on Wednesday, April 30. The full text of the release will be available at investors.caterpillar.com/financials/quarterly-results and on PR Newswire. 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 real-time, listen-only teleconference and webcast of the quarterly results call that Caterpillar con

      4/16/25 9:00:00 AM ET
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    • Caterpillar Inc. Maintains Dividend

      IRVING, Texas, April 9, 2025 /PRNewswire/ -- The Board of Directors of Caterpillar Inc. (NYSE:CAT) voted today to maintain the quarterly dividend of one dollar and forty-one cents ($1.41) per share of common stock, payable May 20, 2025, to shareholders of record at the close of business on April 21, 2025. Caterpillar has paid a cash dividend every year since the company was formed and has paid a quarterly dividend since 1933. Caterpillar has paid higher annual dividends to shareholders for 31 consecutive years and is recognized as a member of the S&P 500 Dividend Aristocrats I

      4/9/25 8:59:00 AM ET
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