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31.07.2020 12:00
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Caterpillar Reports Second-Quarter 2020 Results
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PR Newswire
DEERFIELD, Ill., July 31, 2020
DEERFIELD, Ill., July 31, 2020 /PRNewswire/ --
- Second-quarter sales and revenues decreased 31%; profit per share declined 70%
- Strong balance sheet; $8.8 billion of enterprise cash
| | | Second Quarter | |||||||||||
| ($ in billions except profit per share) | | 2020 | 2019 | ||||||||||
| Sales and Revenues ARIVA.DE Börsen-GeflüsterWerbung Weiter abwärts?
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Kurse
| | $10.0 | $14.4 | ||||||||||
| Profit Per Share | | $0.84 | $2.83 | ||||||||||
Caterpillar Inc. (NYSE: CAT) today announced second-quarter 2020 sales and revenues of $10.0 billion, a 31% decrease compared with $14.4 billion in the second quarter of 2019. The decline was due to lower sales volume driven by lower end-user demand and the impact from changes in dealer inventories. Dealers decreased machine and engine inventories about $1.4 billion during the second quarter of 2020, compared with an increase of about $500 million during the second quarter of 2019.
Second-quarter 2020 profit per share was $0.84, compared with $2.83 profit per share in the second quarter of 2019. Profit per share in the second quarter of 2020 included pre-tax remeasurement losses of $122 million, or $0.19 per share, resulting from the settlements of pension obligations.
Operating profit margin was 7.8% for the second quarter of 2020, compared with 15.3% for the second quarter of 2019.
For the first half of 2020, enterprise operating cash flow was $2.5 billion. Caterpillar ended the second quarter with $8.8 billion of enterprise cash and $18.5 billion of available liquidity sources. In July, Cat Financial issued $1.5 billion of new three-year and 18-month medium-term notes to supplement its liquidity position.
Response to COVID-19 and Global Business Conditions
"I am proud of the global team's continued focus on safety while executing our strategy and serving our customers," said Caterpillar Chairman and CEO Jim Umpleby. "In the second quarter, our employees and dealers remained dedicated to providing the essential products and services the world needs under very challenging conditions."
Operational Status
Caterpillar continues to implement safeguards in its facilities to protect team members, including increased frequency of cleaning and disinfecting, social distancing practices and other measures consistent with specific regulatory requirements and guidance from health authorities.
As of mid-July 2020, globally and across Caterpillar's three primary segments, nearly all of the company's primary production facilities continued to operate. This continues to fluctuate as conditions warrant, including the pace of economic recovery and the potential for additional COVID-related temporary shutdowns.
The company has continued to take actions to reduce costs and prioritize its spending to provide for investment in services and expanded offerings, key elements of its strategy for profitable growth, which was introduced in 2017.
Outlook
Caterpillar's financial results for the remainder of 2020 will be impacted by continued global economic uncertainty due to the COVID-19 pandemic. As such, Caterpillar withdrew its earnings guidance on March 26 and is not providing a financial outlook for 2020 at this time.
"We are well positioned for these challenging times because of the successful execution of our strategy," said Umpleby. "We are focused on employee safety and maintaining a competitive and flexible cost structure while continuing to invest in services and expanded offerings to better serve our customers. We will adjust production as conditions warrant and are prepared to respond quickly to any positive or negative changes in customer demand."
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
Consolidated Sales and Revenues Comparison
Second Quarter 2020 vs. Second Quarter 2019
To access this chart, go to https://investors.caterpillar.com/financials/quarterly-results/default.aspx for the downloadable version of Caterpillar second-quarter 2020 earnings.
The chart above graphically illustrates reasons for the change in consolidated sales and revenues between the second quarter of 2019 (at left) and the second quarter of 2020 (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 second quarter of 2020 were $9.997 billion, a decrease of $4.435 billion, or 31%, compared with $14.432 billion in the second quarter of 2019. The decline was due to lower sales volume driven by lower end-user demand and the impact from changes in dealer inventories. Dealers decreased machine and engine inventories about $1.4 billion during the second quarter of 2020, compared with an increase of about $500 million during the second quarter of 2019. The changes in dealer inventories came primarily in Construction Industries and Resource Industries.
Unfavorable price realization also contributed to the sales decline due to the geographic mix of sales and competitive market conditions in China. Sales were lower across all regions and in the three primary segments.
| Sales and Revenues by Segment | |||||||||||||||||||||||||||||
| (Millions of dollars) | Second | | Sales Volume | | Price Realization | | Currency | | Inter- | | Second | | $ Change | | % Change | ||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||
| Construction Industries | $ | 6,467 | | | $ | (2,075) | | | $ | (258) | | | $ | (81) | | | $ | (5) | | | $ | 4,048 | | | $ | (2,419) | | | (37%) |
| Resource Industries | 2,819 | | | (933) | | | (23) | | | (45) | | | 8 | | | 1,826 | | | (993) | | | (35%) | |||||||
| Energy & Transportation | 5,486 | | | (942) | | | 23 | | | (64) | | | (354) | | | 4,149 | | | (1,337) | | | (24%) | |||||||
| All Other Segment | 125 | | | (5) | | | — | | | (1) | | | (4) | | | 115 | | | (10) | | | (8%) | |||||||
| Corporate Items and Eliminations | (1,226) | | | 43 | | | (1) | | | 1 | | | 355 | | | (828) | | | 398 Werbung Mehr Nachrichten zur Caterpillar Inc. Aktie kostenlos abonnieren
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