Caterpillar Inc

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SKU: CAT-1 Category:

Description

Caterpillar managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Sales and revenues surged by 12%, surpassing the previous year’s figures. Notably, the adjusted operating profit margin reached an impressive 20.8%, marking a substantial year-over-year improvement. The quarter also generated $2.9 billion in ME&T free cash flow, outperforming expectations. While product availability and lead times facilitated, there was a decline in dealer orders for construction products, aligning with the anticipated transition to Cat engines. Construction Industries in North America experienced a 6% increase in sales to users, driven by robust demand in non-residential and residential construction. In Resource Industries, sales to users surged by 10%, buoyed by growth in mining and infrastructure-related projects. Looking ahead, Caterpillar’s team anticipates a better-than-expected full year in 2023, with adjusted operating profit margin surpassing the targeted range. The company remains optimistic about ME&T’s free cash flow, expecting it to exceed the $4 billion to $8 billion target for the year. In terms of market outlook, positive momentum for Construction Industries persists in North America, supported by government-related infrastructure investments. Resource Industries continue to witness high quoting activity, with mining showing strong customer product utilization.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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