DJ Caterpillar Inc.: Files Form 8-K 1Q 2022 Earnings Release
Caterpillar Inc. Caterpillar Inc.: Files Form 8-K 1Q 2022 Earnings Release 28-Apr-2022 / 15:06 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 2022
CATERPILLAR INC.
(Exact name of registrant as specified in its charter)
Delaware 1-768 37-0602744
(State or other jurisdiction of incorporation) (Commission File
Number) (I.R.S Employer Identification No.)
510 Lake Cook Road, Suite 100, Deerfield, Illinois 60015
(Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (224) 551-4000
Former name or former address, if changed since last report: N/A
- Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
- Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
- Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
- Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange which registered
(s)
Common Stock (USD1.00 par value)
8% Debentures due February 15, CAT CAT23 The New York Stock Exchange The New York Stock Exchange The New York
2023 Stock Exchange
CAT35
5.3% Debentures due September
15, 2035
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of
1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company -
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange -
Act.
Item 2.02. Results of Operations and Financial Condition.
On April 28, 2022, Caterpillar Inc. issued a press release reporting its financial results for the quarter ended March
31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated into this Item 2.02 by reference.
Item 7.01. Regulation FD Disclosure.
Caterpillar Inc. is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii)
retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). This supplemental information is attached hereto as Exhibit 99.2 and incorporated into this Item 7.01 by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished in accordance with the provisions of General Instruction B.2 of Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
The following is furnished as an exhibit to this report:
99.1 Caterpillar Inc. press release dated April 28, 2022
99.2 Retail Statistics
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CATERPILLAR INC.
April 28, 2022 By: /s/ Suzette M. Long
Suzette M. Long
Chief Legal Officer and General Counsel
Caterpillar Inc.
1Q 2022 Earnings Release Exhibit 99.1
April 28, 2022
FOR IMMEDIATE RELEASE
Caterpillar Reports First-Quarter 2022 Results
-- First-quarter 2022 sales and revenues increased
14% to USD13.6 billion
-- First-quarter 2022 profit per share of USD2.86;
adjusted profit per share of USD2.88
-- Returned USD1.4 billion to shareholders through share repurchases and dividends in the quarter
DEERFIELD, Ill. - Caterpillar Inc. (NYSE: CAT) announced first-quarter 2022 sales and revenues of USD13.6 billion, a
14% increase compared with USD11.9 billion in the first quarter of 2021. The increase was primarily due to higher
sales volume, driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories, as well as favorable price realization. Dealers increased inventories more during the first quarter of
2022 than during the first quarter of 2021.
Operating profit margin was 13.7% for the first quarter of 2022, compared with 15.3% for the first quarter of 2021. First-quarter 2022 profit per share was USD2.86, compared with first-quarter 2021 profit per share of USD2.77. Adjusted profit per share in the first quarter of 2022 was USD2.88, compared with first-quarter 2021 adjusted profit per share of
USD2.87. Adjusted profit per share for both quarters excluded restructuring costs. Please see a reconciliation of GAAP
to non-GAAP financial measures in the appendix on page 13.
For the three months ended March 31, 2022, enterprise operating cash flow was USD0.3 billion and the company ended the first quarter with USD6.5 billion of enterprise cash. The company paid about USD1.3 billion of short-term incentive compensation in the quarter, which was reinstated in 2021. In the quarter, the company repurchased USD0.8 billion of Caterpillar common stock and paid dividends of USD0.6 billion.
"I'm proud of our global team's performance as they achieved double-digit sales growth despite ongoing supply chain challenges. We remain focused on supporting our customers and executing our strategy for long-term profitable growth," said Chairman and CEO Jim Umpleby. "Our strong balance sheet allowed us to repurchase shares and pay dividends totaling USD1.4 billion in the quarter."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the first quarter of 2021 (at left) and the first quarter of 2022 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees.
Total sales and revenues for the first quarter of 2022 were USD13.589 billion, an increase of USD1.702 billion, or 14%, compared with USD11.887 billion in the first quarter of 2021. The increase was due to higher sales volume and favorable price realization, partially offset by unfavorable currency impacts primarily related to the euro, Australian dollar and Japanese yen. The increase in sales volume was driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories. Dealers increased inventories by USD1.3 billion during the first quarter of 2022, compared with an increase of USD700 million during the first quarter of 2021.
Sales were higher across the three primary segments.
Sales and Revenues by Segment
First First
Quarter Sales Price Inter- Segment / Quarter %
Other USD Change Change
(Millions of dollars) 2021 Volume Realization Currency 2022
Construction USD USD USD USD USD USD USD 12%
Industries 5,459 325 421 (101) 11 6,115 656
Resource Industries 2,178 527 169 (34) (10) 2,830 652 30%
Energy & 4,507 333 115 (74) 157 5,038 531 12%
Transportation
All Other Segment 130 2 - (1) (13) 118 (12) (9%)
Corporate Items and (1,083) 15 (1) (1) (145) (1,215) (132)
Eliminations
Machinery, Energy & 11,191 1,202 704 (211) - 12,886 1,695 15%
Transportation
Financial Products 761 - - - 22 783 22 3%
Segment
Corporate Items and (65) - - - (15) (80) (15)
Eliminations
Financial Products 696 - - - 7 703 7 1%
Revenues
Consolidated Sales USD USD USD USD USD USD USD 14%
and Revenues 11,887 1,202 704 (211) 7 13,589 1,702
Sales and Revenues by Geographic Region
North America Latin EAME Asia/Pacific External Sales Inter-Segment Total Sales
America and Revenues and Revenues
(Millions of USD % USD % USD % USD % Chg USD % Chg USD % Chg USD %
dollars) Chg Chg Chg Chg
First Quarter
2022
Construction USD 28% USD 60% USD 18% USD (21%) USD 6,086 12% USD 61% USD 6,115 12%
Industries 2,720 627 1,277 1,462 29
Resource 1,018 55% 399 (1%) 594 25% 748 33% 2,759 32% 71 (12%) 2,830 30%
Industries
Energy & 1,938 9% 310 21% 1,184 8% 600 14% 4,032 10% 1,006 18% 5,038 12%
Transportation
All Other 18 38% - -% 5 67% 16 (27%) 39 3% 79 (14%) 118 (9%)
Segment
Corporate Items (24) 1 (2) (5) (30) (1,185) (1,215)
and Eliminations
Machinery,
Energy & 5,670 25% 1,337 27% 3,058 15% 2,821 (4%) 12,886 15% - -% 12,886 15%
Transportation
Financial 503 6% 73 18% 96 (4%) 111 (10%) 783 3% - -% 783 3%
Products Segment
Corporate Items (36) (17) (9) (18) (80) - (80)
and Eliminations
Financial
Products 467 3% 56 10% 87 (5%) 93 (8%) 703 1% - -% 703 1%
Revenues
Consolidated USD USD USD USD USD
Sales and 6,137 23% 1,393 26% 3,145 15% 2,914 (4%) USD 13,589 14% - -% USD 13,589 14%
Revenues
First Quarter
2021
Construction USD USD USD USD USD 5,441 USD USD 5,459
Industries 2,126 392 1,081 1,842 18
Resource 657 405 474 561 2,097 81 2,178
Industries
Energy & 1,782 256 1,093 527 3,658 849 4,507
Transportation
All Other 13 - 3 22 38 92 130
Segment
Corporate Items (39) - - (4) (43) (1,040) (1,083)
and Eliminations
Machinery,
Energy & 4,539 1,053 2,651 2,948 11,191 - 11,191
Transportation
Financial Products Segment
476 62 100 123 761 - 761
Corporate Items and Eliminations (24) (11) (8) (22) (65) - (65)
Financial Products Revenues 452 51 92 101 696 - 696
Consolidated Sales and Revenues USD 4,991 USD 1,104 USD 2,743 USD 3,049 USD 11,887 USD - USD 11,887
Consolidated Operating Profit
The chart above graphically illustrates reasons for the change in consolidated operating profit between the first quarter of 2021 (at left) and the first quarter of 2022 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees. The bar titled Other includes consolidating adjustments and Machinery, Energy & Transportation's other operating (income) expenses.
Operating profit for the first quarter of 2022 was USD1.855 billion, an increase of USD41 million, or 2%, compared with
USD1.814 billion in the first quarter of 2021. Unfavorable manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses were more than offset by favorable price realization and higher sales volume.
Unfavorable manufacturing costs primarily reflected higher material and freight costs. The increase in SG&A/R&D
expenses was mainly driven by investments aligned with the company's strategy for profitable growth.
Profit by Segment
First Quarter First Quarter USD %
(Millions of dollars) 2022 2021 Change Change
Construction Industries USD 1,057 USD 1,042 USD 15 1%
Resource Industries 361 312 49 16%
Energy & Transportation 538 675 (137) (20%)
All Other Segment 3 3 - -%
Corporate Items and Eliminations (244) (368) 124
Machinery, Energy & Transportation 1,715 1,664 51 3%
Financial Products Segment 238 244 (6) (2%)
Corporate Items and Eliminations (17) (19) 2
Financial Products 221 225 (4) (2%)
Consolidating Adjustments (81) (75) (6)
Consolidated Operating Profit USD 1,855 USD 1,814 USD 41 2%
Other Profit/Loss and Tax Items
* Other income (expense) in the first quarter of 2022 was income of USD253 million, compared with income of
USD325 million in the first quarter of 2021. Favorable impacts from higher gains on commodity hedges were more than offset by the unfavorable impacts from lower foreign currency exchange net gains, lower pension and other postemployment benefit (OPEB) plan income and the unfavorable impacts from unrealized gains (losses) on marketable securities.
* The provision for income taxes for the first quarter of 2022 reflected an estimated annual global tax rate of
24%, compared with 26% for the first quarter of 2021, excluding the discrete items discussed below. The comparative tax rate for full-year 2021 was approximately 23%. The increase in the estimated annual global tax rate from full-year 2021 was primarily related to changes in the expected geographic mix of profits from
a tax perspective for 2022.
In addition, a discrete tax benefit of USD12 million was recorded in the first quarter of 2022, compared with a
USD43 million benefit in the first quarter of 2021, for the settlement of stock-based compensation awards with associated tax deductions in excess of cumulative U.S. GAAP compensation expense.
CONSTRUCTION INDUSTRIES
(Millions of
dollars)
Segment Sales
First Sales Price Inter- First Quarter USD %
Quarter
2021 Volume Realization Currency Segment 2022 Change Change
Total Sales USD USD USD USD USD USD USD 12%
5,459 325 421 (101) 11 6,115 656
Sales by Geographic Region
First Quarter First Quarter
2022 2021 USD Change % Change
North America USD 2,720 USD 2,126 USD 594 28%
Latin America 627 392 235 60%
EAME 1,277 1,081 196 18%
Asia/Pacific 1,462 1,842 (380) (21%)
External Sales 6,086 5,441 645 12%
Inter-segment 29 18 11 61%
Total Sales USD 6,115 USD 5,459 USD 656 12%
Segment Profit
First Quarter First Quarter
% Change
2022 2021 Change
Segment Profit USD 1,057 USD 1,042 USD 15 1%
Segment Profit Margin 17.3 % 19.1 % (1.8 pts)
Construction Industries' total sales were USD6.115 billion in the first quarter of 2022, an increase of USD656 million, or
12%, compared with USD5.459 billion in the first quarter of 2021. The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts related to the euro, Japanese yen and Australian dollar. The increase in sales volume was driven by the impact from changes in dealer inventories and higher end-user demand for aftermarket parts. Across all regions, dealers increased inventories more during the first quarter of 2022 than during the first quarter of 2021.
- In North America, sales increased due to higher sales volume and favorable price realization. Higher sales volume was driven by higher end-user demand for equipment and aftermarket parts from improving non- residential construction, as well as continued strength in residential construction and the impact from changes in dealer inventories.
- Sales increased in Latin America primarily due to higher sales volume, led by higher end-user demand across the region and the impact from changes in dealer inventories, as well as favorable price realization.
- In EAME, sales increased due to higher sales volume and favorable price realization, partially offset by unfavorable currency impacts related to a weaker euro. Higher sales volume was driven by higher end-user demand for equipment and aftermarket parts and the impact from changes in dealer inventories.
- Sales decreased in Asia/Pacific mainly due to lower sales volume and unfavorable currency impacts driven by a weaker Japanese yen and Australian dollar, partially offset by favorable price realization. Lower sales volume was driven by lower end-user demand, partially offset by the impact from changes in dealer inventories. Lower sales in China primarily driven by lower end-user demand were partially offset by increased sales across the majority of the region.
Construction Industries' profit was USD1.057 billion in the first quarter of 2022, an increase of USD15 million, or 1%, compared with USD1.042 billion in the first quarter of 2021. Unfavorable manufacturing costs were more than offset by favorable price realization and higher sales volume. Unfavorable manufacturing costs largely reflected higher material and freight costs.
RESOURCE INDUSTRIES
(Millions of dollars)
Segment Sales
First Sales Price Inter- First Quarter USD %
Quarter
2021 Volume Realization Currency Segment 2022 Change Change
Total Sales USD USD USD USD USD USD USD 30%
2,178 527 169 (34) (10) 2,830 652
Sales by Geographic Region
First Quarter First Quarter
2022 2021 USD Change % Change
North America USD 1,018 USD 657 USD 361 55%
Latin America 399 405 (6) (1%)
EAME 594 474 120 25%
Asia/Pacific 748 561 187 33%
External Sales 2,759 2,097 662 32%
Inter-segment 71 81 (10) (12%)
Total Sales USD 2,830 USD 2,178 USD 652 30%
Segment Profit
First Quarter First Quarter
% Change
2022 2021 Change
Segment Profit USD 361 USD 312 USD 49 16%
Segment Profit Margin 12.8 % 14.3 % (1.5 pts)
Resource Industries' total sales were USD2.830 billion in the first quarter of 2022, an increase of USD652 million, or 30%, compared with USD2.178 billion in the first quarter of 2021. The increase was primarily due to higher sales volume and favorable price realization. The increase in sales volume was driven by higher end-user demand for equipment and aftermarket parts and the impact from changes in dealer inventories. End-user demand was higher in heavy construction and quarry and aggregates as well as mining. Dealers increased inventories during the first quarter of
2022, compared to remaining about flat during the first quarter of 2021.
Resource Industries' profit was USD361 million in the first quarter of 2022, an increase of USD49 million, or 16%, compared with USD312 million in the first quarter of 2021. Unfavorable manufacturing costs and higher SG&A/R&D expenses were more than offset by higher sales volume and favorable price realization. Unfavorable manufacturing costs largely reflected higher freight and material costs. The increase in SG&A/R&D expenses was driven by investments aligned with growth initiatives.
ENERGY & TRANSPORTATION
(Millions of
dollars)
Segment Sales
First Quarter Sales Price Inter- First Quarter USD %
2021 Volume Realization Currency Segment 2022 Change Change
Total Sales USD USD USD USD USD USD USD 12%
4,507 333 115 (74) 157 5,038 531
Sales by
Application
First Quarter First Quarter
USD Change % Change
2022 2021
Oil and Gas USD USD USD 4%
948 915 33
Power Generation 1,012 963 49 5%
Industrial 1,020 813 207 25%
Transportation 1,052 967 85 9%
External Sales 4,032 3,658 374 10%
Inter-segment 1,006 849 157 18%
Total Sales USD USD USD 12%
5,038 4,507 531
Segment Profit
First Quarter First Quarter
% Change
2022 2021 Change
Segment Profit USD USD USD (20%)
538 675 (137)
Segment Profit 10.7 % 15.0 % (4.3 pts)
Margin
Energy & Transportation's total sales were USD5.038 billion in the first quarter of 2022, an increase of USD531 million, or
12%, compared with USD4.507 billion in the first quarter of 2021. Sales increased across all applications and inter- segment sales.
- Oil and Gas - Sales increased for reciprocating engines, primarily aftermarket parts, partially offset by lower sales for turbines and turbine-related services.
- Power Generation - Sales rose due to higher sales volume in small reciprocating engine applications, partially offset by lower sales in turbines and turbine-related services.
- Industrial - Sales were up due to higher demand across all regions.
- Transportation - Sales increased in reciprocating engines, primarily aftermarket parts and marine applications.
Energy & Transportation's profit was USD538 million in the first quarter of 2022, a decrease of USD137 million, or 20%, compared with USD675 million in the first quarter of 2021. The decrease was mainly due to unfavorable manufacturing costs and higher SG&A/R&D expenses, partially offset by higher sales volume and favorable price realization. Unfavorable manufacturing costs largely reflected higher freight and material costs. The increase in SG&A/R&D expenses was driven by investments aligned with growth initiatives.
FINANCIAL PRODUCTS SEGMENT
(Millions of dollars)
Revenues by Geographic Region
First Quarter First Quarter
2022 2021 USD Change % Change
North America USD 503 USD 476 USD 27 6%
Latin America 73 62 11 18%
EAME 96 100 (4) (4%)
Asia/Pacific 111 123 (12) (10%)
Total Revenues USD 783 USD 761 USD 22 3%
Segment Profit
First Quarter First Quarter
% Change
2022 2021 Change
Segment Profit USD 238 USD 244 USD (6) (2%)
Financial Products' segment revenues were USD783 million in the first quarter of 2022, an increase of USD22 million, or
3%, from the first quarter of 2021. The increase was mostly in North America, driven by a favorable impact from returned or repossessed equipment and higher average earning assets, partially offset by lower average financing rates.
Financial Products' segment profit was USD238 million in the first quarter of 2022, a decrease of USD6 million, or 2%, compared with USD244 million in the first quarter of 2021. The decrease was mainly due to higher provision for credit losses at Cat Financial and an increase in SG&A expenses, partially offset by a favorable impact from returned or repossessed equipment. The impact of lower average financing rates was mostly offset by lower interest expense.
At the end of the first quarter of 2022, past dues at Cat Financial were 2.05%, compared with 2.90% at the end of the first quarter of 2021. The decrease in past dues was mostly driven by the North America, Caterpillar Power Finance and EAME portfolios. Write-offs, net of recoveries, were USD8 million for the first quarter of 2022, compared with USD24 million for the first quarter of 2021. As of March 31, 2022, Cat Financial's allowance for credit losses totaled USD357 million, or 1.29% of finance receivables, compared with USD337 million, or 1.22% of finance receivables at December 31, 2021. The increase in allowance for credit losses included a higher reserve for the Russia and Ukraine portfolios.
Corporate Items and Eliminations
Expense for corporate items and eliminations was USD261 million in the first quarter of 2022, a decrease of USD126 million from the first quarter of 2021, primarily due to favorable impacts of segment reporting methodology differences and a favorable change in fair value adjustments related to deferred compensation plans.
Notes
i. Glossary of terms is included on the Caterpillar website at https://investors.caterpillar.com/overview/ default.aspx. ii. End-user demand is demonstrated by the company's Rolling 3 Month Retail Sales Statistics filed in a Form 8-K on
Thursday, April 28, 2022.
iii. Information on non-GAAP financial measures is included in the appendix on page 13.
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 Thursday, April 28, 2022, to discuss its 2022 first-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 2021 sales and revenues of USD51.0 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) Caterpillar investor relations contact: Ryan Fiedler, +1 224-551-4074 or Fiedler_Ryan_S@cat.com
Caterpillar media contact: Kate Kenny, +1 309-361-9333 or Kenny_Kate@cat.com
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) the duration and geographic spread of, business disruptions caused by, and the overall global
economic impact of, 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 costs, which were incurred to generate longer-term benefits. 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 2022, excluding mark-to-market gains or losses for remeasurement of pension and other postemployment benefit plans along with any other discrete
items.
Reconciliations of adjusted results to the most directly comparable GAAP measure are as follows:
(Dollars in millions except per share data)
Three Months Ended March 31, 2021 - USD 15.3 USD USD 23.8 USD USD
U.S. GAAP 1,814 % 1,997 475 % 1,530 2.77
Restructuring costs 64 0.5 % 64 10 15.0 54 USD
% 0.10
Three Months Ended March 31, 2021 - USD 15.8 USD USD 23.5 USD USD
Adjusted 1,878 % 2,061 485 % 1,584 2.87
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 14 to 22 reconcile ME&T and Financial Products to Caterpillar Inc. consolidated financial information.
Sales and revenues:
Condensed Consolidated Statement of Results of Operations
(Unaudited)
(Dollars in millions except per share data)
Three Months Ended
March 31,
2022 2021
Sales of Machinery, Energy & Transportation USD 12,886 USD 11,191 Revenues of Financial Products 703 696 Total sales and revenues 13,589 11,887
Operating costs:
Cost of goods sold 9,559 8,012 Selling, general and administrative expenses 1,346 1,239 Research and development expenses 457 374 Interest expense of Financial Products 106 125 Other operating (income) expenses 266 323 Total operating costs 11,734 10,073
Operating profit 1,855 1,814
Interest expense excluding Financial Products 109 142 Other income (expense) 253 325
Consolidated profit before taxes 1,999 1,997
Provision (benefit) for income taxes 469 475
DJ Caterpillar Inc.: Files Form 8-K 1Q 2022 Earnings -5-
Profit of consolidated companies 1,530 1,522
Equity in profit (loss) of unconsolidated affiliated companies
7
9
Profit of consolidated and affiliated companies 1,537 1,531
Less: Profit (loss) attributable to noncontrolling interests
-
1
Profit 1 USD 1,537 USD 1,530
Profit per common share USD 2.88 USD 2.80
Profit per common share - diluted 2 USD 2.86 USD 2.77
Weighted-average common shares outstanding (millions)
- Basic 534.5 546.4
- Diluted 2 538.3 551.4
1 Profit attributable to common shareholders.
2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
Condensed Consolidated Statement of Financial Position
(Unaudited) (Millions of dollars)
March 31, December 31,
2022 2021
Assets
Current assets:
Cash and cash equivalents USD 6,526 USD 9,254
Receivables - trade and other 9,135 8,477
Receivables - finance 9,003 8,898
Prepaid expenses and other current assets 2,868 2,788
Inventories 15,038 14,038
Total current assets 42,570 43,455
Property, plant and equipment - net 11,932 12,090
Long-term receivables - trade and other 1,204 1,204
Long-term receivables - finance 12,665 12,707
Noncurrent deferred and refundable income taxes 1,973 1,840
Intangible assets 967 1,042
Goodwill 6,293 6,324
Other assets 4,672 4,131
Total assets USD 82,276 USD 82,793
Liabilities
Current liabilities:
Short-term borrowings:
=- Machinery, Energy & Transportation USD - USD 9
=- Financial Products 4,501 5,395
Accounts payable 8,361 8,154
Accrued expenses 3,846 3,757
Accrued wages, salaries and employee benefits 1,275 2,242
Customer advances 1,388 1,087
Dividends payable - 595
Other current liabilities 2,355 2,256
Long-term debt due within one year:
=- Machinery, Energy & Transportation 127 45
=- Financial Products 7,679 6,307
Total current liabilities 29,532 29,847
Long-term debt due after one year:
=- Machinery, Energy & Transportation 9,636 9,746
=- Financial Products 15,641 16,287
Liability for postemployment benefits 5,363 5,592
Other liabilities 5,007 4,805
Total liabilities 65,179 66,277
Shareholders' equity
Common stock 6,281 6,398
Treasury stock (28,326) (27,643)
Profit employed in the business 40,820 39,282
Accumulated other comprehensive income (loss) (1,710) (1,553)
Noncontrolling interests 32 32
Total shareholders' equity 17,097 16,516
Total liabilities and shareholders' equity USD 82,276 USD 82,793
Caterpillar Inc.
Condensed Consolidated Statement of Cash Flow
(Unaudited) (Millions of dollars)
Cash flow from operating activities:
Three Months Ended
March 31,
2022 2021
Profit of consolidated and affiliated companies USD 1,537 USD 1,531 Adjustments for non-cash items: Depreciation and amortization 557 586 Provision (benefit) for deferred income taxes (99) 109 Other (52) (104)
Changes in assets and liabilities, net of acquisitions and divestitures:
Receivables - trade and other (372) (543) Inventories (1,032) (657) Accounts payable 452 733
Accrued expenses (74) 84
Accrued wages, salaries and employee benefits
(965)
191
Customer advances 311 58
Other assets - net 99 56
Other liabilities - net (49) (116) Net cash provided by (used for) operating activities 313 1,928
Cash flow from investing activities:
Capital expenditures - excluding equipment leased to others
(346)
(252) Expenditures for equipment leased to others (333) (252) Proceeds from disposals of leased assets and property, plant and equipment
269 309
Additions to finance receivables (2,988) (2,629) Collections of finance receivables 2,966 2,770
Proceeds from sale of finance receivables 9 5
Investments and acquisitions (net of cash acquired) (8) (386) Proceeds from sale of businesses and investments (net of cash sold)
- 28
Proceeds from sale of securities 571 126
Investments in securities (1,438) (148) Other - net (15) (48)
Net cash provided by (used for) investing activities (1,313) (477)
Cash flow from financing activities:
Dividends paid (595) (562) Common stock issued, including treasury shares reissued
(28)
65
Common shares repurchased (820) - Proceeds from debt issued (original maturities greater than three months)
2,131 2,273
Payments on debt (original maturities greater than three months)
(1,387) (2,887) Short-term borrowings - net (original maturities three months or less)
(1,016) 1,659
Other - net - (2) Net cash provided by (used for) financing activities (1,715) 546
Effect of exchange rate changes on cash (16) (12)
Increase (decrease) in cash, cash equivalents and restricted cash
(2,731) 1,985
Cash, cash equivalents and restricted cash at beginning of period
9,263
9,366
Cash, cash equivalents and restricted cash at end of period
USD 6,532 USD
11,351
Cash equivalents primarily represent short-term, highly liquid investments with original maturities of generally three months or less.
Operating costs:
Cost of goods sold 9,559 9,560 - (1) 2 Selling, general and administrative expenses 1,346 1,182 172 (8) 2 Research and development expenses 457 457 - - Interest expense of Financial Products 106 - 106 - Other operating (income) expenses 266 (28) 314 (20) 2 Total operating costs 11,734 11,171 592 (29)
Operating profit
Interest expense excluding Financial Products 109 109 - -
Other income (expense) 253 157 15 81 3
Consolidated profit before taxes 1,999 1,763 236 -
Provision (benefit) for income taxes 469 412 57 -
Profit of consolidated companies 1,530 1,351 179 -
Equity in profit (loss) of unconsolidated 7 8 - (1) 4
affiliated companies
Profit of consolidated and affiliated companies 1,537 1,359 179 (1)
Less: Profit (loss) attributable to - - 1 (1) 5
noncontrolling interests
Profit 6 USD USD USD USD
1,537 1,359 178 -
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.
Operating costs:
Cost of goods sold 8,012 8,013 - (1) 2 Selling, general and administrative expenses 1,239 1,114 124 1 2 Research and development expenses 374 374 - - Interest expense of Financial Products 125 - 125 - Other operating (income) expenses 323 26 314 (17) 2 Total operating costs 10,073 9,527 563 (17)
Operating profit
Interest expense excluding Financial Products 142 142 - -
Other income (expense) 325 231 19 75 3
Consolidated profit before taxes 1,997 1,753 244 -
Provision (benefit) for income taxes 475 412 63 -
Profit of consolidated companies 1,522 1,341 181 -
Equity in profit (loss) of unconsolidated 9 12 - (3) 4
affiliated companies
Profit of consolidated and affiliated companies 1,531 1,353 181 (3)
Less: Profit (loss) attributable to 1 1 3 (3) 5
noncontrolling interests
Profit 6 USD USD USD USD
1,530 1,352 178 -
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.
At March 31, 2022 (Unaudited) (Millions of dollars)
Supplemental Consolidating Data
Machinery,
Assets
Current assets:
Consolidated
Energy & Transportation Financial
Products Consolidating
Adjustments
Current liabilities:
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 Elimination of prepaid insurance in Financial Products' other liabilities.
8 Elimination of debt between ME&T and Financial Products.
9 Eliminations associated with ME&T's investments in Financial Products' subsidiaries.
At December 31, 2021 (Unaudited)
(Millions of dollars)
Supplemental Consolidating Data
Machinery,
Assets
Current assets:
Consolidated
Energy & Transportation Financial
Products Consolidating
Adjustments
Current liabilities:
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 Elimination of prepaid insurance in Financial Products' other liabilities.
8 Elimination of debt between ME&T and Financial Products.
9 Eliminations associated with ME&T's investments in Financial Products' subsidiaries.
Provision (benefit) for deferred income taxes
(99) (83) (16) - Other (52) (46) (89) 83 2 Changes in assets and liabilities, net of acquisitions and divestitures: Receivables - trade and other (372) (257) (7) (108) 2,3 Inventories (1,032) (1,030) - (2) 2 Accounts payable 452 393 40 19 2 Accrued expenses (74) (1) (73) - Accrued wages, salaries and (965) (940) (25) - employee benefits Customer advances 311 311 - - Other assets - net 99 137 (17) (21) 2 Other liabilities - net (49) (279) 202 28 2 Net cash provided by (used for) 313 (78) 393 (2) operating activities Cash flow from investing activities: Capital expenditures - excluding (346) (344) (3) 1 2 equipment leased to others Expenditures for equipment leased (333) (4) (335) 6 2 to others Proceeds from disposals of leased assets and property, plant and 269 33 241 (5) 2 equipment Additions to finance receivables (2,988) - (3,139) 151 3 Collections of finance 2,966 - 3,159 (193) 3 receivables Net intercompany purchased - - (42) 42 3 receivables Proceeds from sale of finance 9 - 9 - receivables Net intercompany borrowings - - 1 (1) 4 Investments and acquisitions (net (8) (8) - - of cash acquired) Proceeds from sale of securities 571 478 93 - Investments in securities (1,438) (1,266) (172) - Other - net (15) 18 (33) - Net cash provided by (used for) (1,313) (1,093) (221) 1 investing activities Cash flow from financing activities: Dividends paid (595) (595) - - Common stock issued, including (28) (28) - - treasury shares reissued Common shares repurchased (820) (820) - - Net intercompany borrowings - (1) - 1 4 Proceeds from debt issued > 90 2,131 - 2,131 - days Payments on debt > 90 days (1,387) (6) (1,381) - Short-term borrowings - net < 90 (1,016) (124) (892) - days Net cash provided by (used for) (1,715) (1,574) (142) 1 financing activities Effect of exchange rate changes (16) (21) 5 - on cash Increase (decrease) in cash, cash (2,731) (2,766) 35 - equivalents and restricted cash Cash, cash equivalents and restricted cash at beginning of 9,263 8,433 830 - period Cash, cash equivalents and USD USD USD USD restricted cash at end of period 6,532 5,667 865 -
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.
Provision (benefit) for deferred income 109 127 (18) - taxes Other (104) (52) (83) 31 2 Changes in assets and liabilities, net of acquisitions and divestitures: Receivables - trade and other (543) (104) (32) (407) 2,3 Inventories (657) (657) - - Accounts payable 733 706 13 14 2 Accrued expenses 84 58 26 - Accrued wages, salaries and employee 191 179 12 - benefits Customer advances 58 58 - - Other assets - net 56 (4) (12) 72 2 Other liabilities - net (116) (131) 79 (64) 2 Net cash provided by (used for) operating 1,928 1,916 369 (357) activities Cash flow from investing activities: Capital expenditures - excluding equipment (252) (251) (4) 3 2 leased to others Expenditures for equipment leased to others (252) (4) (249) 1 2 Proceeds from disposals of leased assets 309 27 286 (4) 2 and property, plant and equipment Additions to finance receivables (2,629) - (2,867) 238 3 Collections of finance receivables 2,770 - 3,062 (292) 3 Net intercompany purchased receivables - - (411) 411 3 Proceeds from sale of finance receivables 5 - 5 - Net intercompany borrowings - 1,000 - (1,000) 4 Investments and acquisitions (net of cash (386) (386) - - acquired) Proceeds from sale of businesses and 28 28 - - investments (net of cash sold) Proceeds from sale of securities 126 11 115 - Investments in securities (148) - (148) - Other - net (48) 2 (50) - Net cash provided by (used for) investing (477) 427 (261) (643) activities Cash flow from financing activities: Dividends paid (562) (562) - - Common stock issued, including treasury 65 65 - - shares reissued Net intercompany borrowings - - (1,000) 1,000 4 Proceeds from debt issued > 90 days 2,273 494 1,779 - Payments on debt > 90 days (2,887) (644) (2,243) - Short-term borrowings - net < 90 days 1,659 (10) 1,669 - Other - net (2) (2) - - Net cash provided by (used for) financing 546 (659) 205 1,000 activities Effect of exchange rate changes on cash (12) (14) 2 - Increase (decrease) in cash, cash 1,985 1,670 315 - equivalents and restricted cash Cash, cash equivalents and restricted cash 9,366 8,822 544 - at beginning of period Cash, cash equivalents and restricted cash USD USD USD USD at end of period 11,351 10,492 859 -
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.
Exhibit 99.2
]
'
Caterpillar Inc. ("Caterpillar", "we" or "our") is furnishing supplemental information concerning (i) retail sales of machines to end users and (ii) retail sales of power systems (including reciprocating and turbine engines and locomotives) to end users and Original Equipment Manufacturers ("OEMs"). Caterpillar sells the majority of its machinery and power systems to independently owned and operated dealers and OEMs to meet the demands of their customers, the end users. Caterpillar believes that this supplemental information may help readers better understand Caterpillar's business and the industries it serves, particularly in light of the time delay between Caterpillar's sales to dealers and dealers' sales to end users.
In this report, we are providing information by geographic region for retail sales of machines in each of our Resource Industries and Construction Industries reportable segments, as well as information regarding retail sales of our machines globally. For our Energy & Transportation reportable segment, we are providing retail sales information by major end use.
The information presented in this report is primarily based on unaudited reports that are voluntarily provided to Caterpillar by its independent dealers and which are not subject to Caterpillar's internal controls over financial reporting. Accordingly, the data collected from such third parties may not be accurate and/or complete. As such, the information presented in this report is intended solely to convey an approximate indication of the trends, direction and magnitude of retail sales and is not intended to be an estimate, approximation or prediction of, or substitute for, Caterpillar's audited financial statements filed with the U.S. Securities and Exchange Commission. This information is furnished under this report with the U.S. Securities and Exchange Commission. Caterpillar does not undertake to update or adjust prior period information.
Caterpillar Inc. Quarterly Retail Sales Statistics
Machines and E&T Combined 1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 World UP 2% UP 7% UP 14% UP 15% Machines 1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 Asia/Pacific DOWN 18% DOWN 8% DOWN 4% UP 1% EAME UP 10% UP 24% UP 22% UP 16% Latin America DOWN 1% UP 15% UP 57% UP 55% North America UP 17% UP 1% UP 19% UP 32% World UP 3% UP 5% UP 17% UP 20% Resource Industries (RI) 1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 Asia/Pacific UP 23% UP 47% UP 18% UP 31% EAME UP 17% UP 13% UP 20% DOWN 9% Latin America DOWN 34% DOWN 20% UP 130% UP 23% North America UP 36% DOWN 7% UP 30% UP 44% World UP 13% UP 10% UP 33% UP 21% Construction Industries (CI) 1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 Asia/Pacific DOWN 31% DOWN 23% DOWN 10% DOWN 7% EAME UP 8% UP 29% UP 23% UP 27% Latin America UP 25% UP 40% UP 31% UP 76% North America UP 14% UP 3% UP 17% UP 30% World UNCHANGED UP 4% UP 12% UP 20%
Reported in dollars and based on unit sales as reported primarily by dealers.
Energy & Transportation (E&T) Retail Sales by industry for the quarter ended as indicated compared with the same period of the prior year:
Energy & Transportation (E&T) 1st Quarter 2022 4th Quarter 2021 3rd Quarter 2021 2nd Quarter 2021 Power Gen DOWN 10% UP 3% DOWN 8% DOWN 6% Industrial UP 26% UP 30% UP 36% UP 44% Transportation UP 50% UP 42% DOWN 12% UP 5% Oil & Gas DOWN 12% UP 9% UP 21% DOWN 6% Total DOWN 1% UP 12% UP 8% UP 1%
Reported in dollars based on reporting from dealers and direct sales.
Glossary of Terms
Construction Industries: Our Construction Industries segment is primarily responsible for supporting customers using machinery in infrastructure, forestry and building construction. The majority of machine sales in this segment are made in the heavy and general construction, rental, quarry and aggregates markets and mining. The Construction Industries product portfolio primarily includes the following machines:
· asphalt pavers · forestry excavators · small and medium · backhoe loaders · motorgraders track-type tractors · compactors · pipelayers · track-type loaders · cold planers · road reclaimers · wheel excavators
· compact track and · site prep tractors · compact, small and medium
multi-terrain loaders · skid steer loaders wheel loaders · mini, small, medium · telehandlers and large excavators
Effective September 2019, Caterpillar has divested its Forestry product segment. Those products have been removed from the Construction Industries product portfolio where any remaining product Dealer Inventory will be reported in Machines as they are depleted.
EAME: Europe, Africa, Commonwealth of Independent States and Middle East.
Energy & Transportation: Our Energy & Transportation segment is primarily responsible for supporting customers using reciprocating engines, turbines, diesel-electric locomotives, integrated systems and solutions, and certain related parts across industries serving oil and gas, power generation, industrial and marine applications as well as rail-related businesses.
Resource Industries: Our Resource Industries segment is primarily responsible for supporting customers using machinery in mining, heavy construction, and quarry and aggregates. The Resource Industries product portfolio primarily includes the following machines:
· electric rope shovels · longwall miners · landfill compactors · draglines · large wheel loaders · soil compactors · hydraulic shovels · off-highway trucks · machinery components · rotary drills · articulated trucks · autonomous ready vehicles and · hard rock vehicles · wheel tractor scrapers solutions · large track-type tractors · wheel dozers · large mining trucks
For purposes of this report, retail sales of longwall miners are not included in the information presented above for
Resource Industries or Machines or Machines and E&T Combined figures.
FORWARD-LOOKING STATEMENTS
Certain statements in this report 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) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, 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.
-----------------------------------------------------------------------------------------------------------------------
Regulatory filing PDF file File: form 8-K CAT 1Q 2022
=----------------------------------------------------
Language: English
Company: Caterpillar Inc.
510 Lake Cook Road, Suite 100
60015 Deerfield, Illinois
United States
Phone: 224-551-4000
Internet: www.caterpillar.com
ISIN: US1491231015
Euronext Ticker: CATR
AMF Category: Inside information / Other releases
EQS News ID: 1338713
End of Announcement EQS News Service
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April 28, 2022 09:06 ET (13:06 GMT)
