$CAT (+0%) | Caterpillar Q3 2024 Earnings Highlights:

🔹 EPS: $5.17 (Est. $5.35) 🔴

🔹 Revenue: $16.1B (Est. $16.37B) 🔴; DOWN 4% YoY

🔹 Adj Operating Income: $3.22B (Est. $3.35B) 🔴

🔹 Financial Products Revenue: $875M (Est. $856M) 🟢; UP 6% YoY

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Q4 Guidance:

🔹 Revenue: Expected to be slightly lower YoY

🔹 Adjusted Operating Profit Margin: Modestly higher YoY but expected to be lower than Q3 2024.

FY24 Guidance:

🔹 Revenue: Lower than previously expected (prior guidance implied <$67.1B).

🔹 Capital Expenditures: Around $2.0B

🔹 Restructuring Costs: About $400M

Q3 SEGMENTS:

Construction Industries

🔸 Revenue: $6.35B (DOWN 9% YoY)

🔹 Segment Profit: $1.49B (DOWN 20% YoY)

🔹 Sales decreased primarily due to lower equipment sales to end users and unfavorable price realization.

🔹 North America sales DOWN 11%; EAME DOWN 15%; Asia/Pacific DOWN 12%; Latin America UP 19%

Resource Industries

🔸 Revenue: $3.03B (DOWN 10% YoY)

🔹 Segment Profit: $619M (DOWN 15% YoY)

🔹 Decrease driven by lower sales volume across key regions.

🔹 North America sales DOWN 17%; EAME DOWN 13%; Asia/Pacific DOWN 3%

Energy & Transportation

🔸 Revenue: $7.19B (UP 5% YoY) 🟢

🔹 Segment Profit: $1.43B (UP 21% YoY) 🟢

🔹 Power Generation sales UP 26%; Transportation UP 3%; Oil & Gas DOWN 1%; Industrial DOWN 16%

Financial Products Segment:

🔸 Revenue: $1.03B (UP 6% YoY) 🟢

🔹 Segment Profit: $246M (UP 21% YoY) 🟢

🔹 Higher financing rates and increased earning assets in North America drove the growth.

Geographic Performance:

🔹 North America: Revenue DOWN 5% YoY

🔹 Latin America: Revenue UP 5% YoY

🔹 EAME: Revenue DOWN 6% YoY

🔹 Asia/Pacific: Revenue DOWN 7% YoY