Q2 2024 Caterpillar Inc Earnings Call Transcript
Key Points
- Caterpillar Inc (CAT) achieved a record adjusted operating profit margin of 22.4%, up 110 basis points from last year.
- The company reported a record quarterly adjusted profit per share of $5.99, an 8% increase.
- ME&T free cash flow was robust at $2.5 billion for the quarter.
- Backlog increased to $28.6 billion, up $700 million from the first quarter of 2024.
- Energy & Transportation segment showed strength with a 10% increase in sales to users.
- Sales and revenues declined by 4% in the second quarter compared to last year.
- Sales volume was lower than expected, impacting overall revenue.
- Dealer inventory decreased by $200 million, contributing to lower sales volume.
- Sales to users in Construction Industries were down 5%, with North America showing weaker-than-expected rental fleet loading.
- Resource Industries saw a 15% decline in sales to users, driven by softness in articulated trucks and off-highway trucks.
Welcome to the second quarter 2024 Caterpillar Earnings conference call. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Ryan Fiedler. Thank you. Please go ahead.
Thank you, Audra, and good morning, everyone, and welcome to Caterpillar's second quarter of 2024 earnings call. I'm Ryan Fiedler, Vice President of Investor Relations. Joining me today are Jim Umpleby, Chairman and CEO, Andrew Bonfield, Chief Financial Officer, Kyle Epley, Senior Vice President of the Global Finance Services Division; and Rob Rengel, Senior Director of IR.
During our call, we'll be discussing the first quarter earnings release we issued earlier today. You can find our slides, the news release, and a webcast recap at investors.caterpillar.com under Events and Presentations. The content of this call is protected by US and international copyright law. Any rebroadcast, retransmission, reproduction or distribution of all
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
