Caterpillar Inc. reports news on its global equipment, power and financing businesses. The company manufactures construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives, with operating activity organized around Power & Energy, Construction Industries and Resource Industries.
Recurring updates include quarterly results, segment sales, machine and power-system retail demand, dividend and share-repurchase actions, Cat Financial performance, shareholder meeting materials, executive and board changes, dealer-supported customer activity and strategic power-generation or workforce initiatives tied to advanced manufacturing and technician skills.
ITT Inc. has announced the election of Maggie Chu to its Board of Directors, effective immediately. Chu currently serves as Chief Human Resources Officer at Littelfuse, Inc., a global manufacturer with a market capitalization of over $6 billion. She leads Littelfuse's HR and corporate communications functions globally.
ITT's Chairman, Timothy H. Powers, highlighted Chu's experience in strategic HR leadership across diverse, global industries similar to ITT's operations. Her expertise in attracting and retaining top global talent for multinational manufacturing companies is expected to strengthen ITT's growth and development of a higher-performing culture.
ITT President and CEO Luca Savi emphasized that Chu's experience at large global industrials will benefit ITT as it continues to grow and reshape its portfolio both organically and through M&A. He noted that Chu's approach aligns well with ITT's culture and that the company's teams will benefit from her diverse experiences and adaptable approach to continuous learning.
Caterpillar Inc. (NYSE: CAT) is set to showcase its latest mining technologies and solutions at MINExpo 2024, emphasizing efficiency, safety, and profitability for customers. The exhibit will feature:
- Cat® Dynamic Energy Transfer (DET) system for energy transfer to mining trucks
- 372-tonne Cat® 798 AC mining truck with autonomous capabilities
- Battery-electric Cat R1700 XE load-haul-dump (LHD) loader
- Cat R2900 XE LHD with electric drive system
- PGS 1260 HD Energy Storage System and MEC500 for mobile equipment charging
The event will also highlight Caterpillar's aftermarket services, including Job Site Solutions, Cat Financial services, and various repair and remanufacturing options. MINExpo 2024 runs from Sept. 24-26, showcasing Caterpillar's commitment to mining innovation and customer support.
Caterpillar Inc. (NYSE: CAT) has unveiled a groundbreaking Dynamic Energy Transfer (DET) solution for mining equipment. This innovative system can transfer energy to both diesel-electric and battery-electric large mining trucks during operation, enhancing efficiency and reducing downtime. Key features include:
1. Ability to charge machine batteries while operating on grade
2. Customizable rail system for various site layouts
3. Integration with Cat MineStar™ Command for hauling solution
4. Flexibility to support both near-term and long-term sustainability strategies
The Cat DET system aims to lower operating costs and greenhouse gas emissions while providing miners with adaptable options for their unique site objectives. It will be showcased at MINExpo 2024 in Las Vegas, Sept. 24-26.
Caterpillar (NYSE: CAT) announced that COO Joe Creed and Group President of Resource Industries Denise Johnson will participate in a fireside chat at MINExpo in Las Vegas on September 24, 2024. The event, hosted by JP Morgan's Tami Zakaria, is scheduled to begin at 9:30 a.m. PT.
A real-time video webcast will be available to the public, with participants advised to visit the website at least 15 minutes before the event to download necessary software. A transcript will be posted afterward on Caterpillar's investor relations website. This presentation offers investors and industry professionals an opportunity to gain insights into Caterpillar's operations and strategies in the resource industries sector.
Caterpillar (NYSE: CAT) is hosting its first-ever Global Dealer Technician Challenge to highlight the important role of dealer technicians in customer service. The competition, open to participating independent Cat dealers, aims to showcase the high-tech, high-impact nature of technician careers. Henry Venneman, Caterpillar Global Service Vice President, emphasizes that the challenge will test technicians' skills in agility, resilience, and versatility.
The event also aims to address the growing demand for technicians, with Cat dealers potentially needing to hire over 44,000 technicians by the end of 2026. The challenge will involve regional and semifinal competitions worldwide, culminating in a final event at CONEXPO/CON-AGG in Las Vegas in March 2026.
Cat Financial reported second-quarter 2024 revenues of $865 million, a 9% increase from Q2 2023. However, the company recorded a loss of $65 million, down 143% from the previous year's profit. This was primarily due to a $210 million loss on divestiture of a non-U.S. entity. Excluding this, profit before income taxes was $192 million, a 6% decrease. Retail new business volume increased by 8% to $3.41 billion. Past dues improved to 1.74% from 2.15% in Q2 2023. The allowance for credit losses decreased to 0.89% of finance receivables, down from 1.18% at year-end 2023. Despite challenges, Cat Financial maintains strong business activity and portfolio performance.
Caterpillar Inc. (NYSE: CAT) reported second-quarter 2024 results with sales and revenues of $16.7 billion, a 4% decrease compared to Q2 2023. The company's profit per share was $5.48, down from $5.67 in Q2 2023, while adjusted profit per share rose to $5.99 from $5.55. The decrease in sales was primarily due to lower sales volume, partially offset by favorable price realization. Caterpillar's operating profit margin was 20.9%, slightly down from 21.1% in Q2 2023. The company deployed $2.5 billion for share repurchases and dividends in the quarter. Despite lower overall sales, Caterpillar saw improvements in adjusted operating profit margin and record adjusted profit per share, reflecting the diversity of its end markets and disciplined strategy execution.
Radwell International, a leading global industrial operations, automation, and electronics solutions provider, has announced the appointment of Chris Snodgrass as Chief Executive Officer, effective August 5, 2024. Snodgrass, who will also join the company's Board of Directors, brings extensive operational and management experience from diverse industrial sectors. He previously served as Senior Vice President at Caterpillar Inc. (NYSE: CAT), where he led the Building Construction Products division and the Product Support & Logistics division.
Snodgrass's appointment follows a comprehensive search process, with full support from Radwell's Board and investors. His track record includes driving growth, expanding margins, and managing complex global operations. The new CEO aims to position Radwell for accelerated growth through enhanced offerings and customer-oriented solutions.
Caterpillar Inc. (NYSE: CAT) has announced that it will release its second-quarter 2024 financial results on August 6, 2024, at 5:30 a.m. CDT. The company will host a teleconference and webcast for securities analysts and institutional investors at 7:30 a.m. CDT on the same day. The one-hour conference call can be accessed via webcast or telephone, with toll-free and toll dial-in numbers provided. Supporting materials will be available before the webcast on the company's investor website. For those unable to attend the live event, a replay will be available on the website shortly after the broadcast. No telephone replay will be available.
Caterpillar Inc. (NYSE: CAT) announced an 8% increase in its quarterly dividend to $1.41 per share, payable on August 20, 2024, for shareholders of record as of July 22, 2024. Additionally, the Board of Directors approved a $20 billion increase in share repurchase authorization, bringing the total to approximately $21.8 billion. This decision aligns with Caterpillar's strategy to return most of its Machinery, Energy & Transportation (ME&T) free cash flow to shareholders via dividends and share repurchases. CEO Jim Umpleby attributed these actions to strong financial performance and continued robust ME&T free cash flow. Caterpillar has consistently paid dividends since its inception and has raised annual dividends for 30 consecutive years, solidifying its status as an S&P 500 Dividend Aristocrat.