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.
FREYR Battery has initiated discussions for a strategic coalition with Glencore, Caterpillar, Siemens, and Nidec to enhance sustainable battery solutions across Europe and North America. This non-binding alliance aims to establish guiding principles to accelerate energy transition and meet sustainability goals. The coalition will focus on collaboration in battery cell manufacturing, digital services, and sustainable supply chains. FREYR is focused on scaling up battery production capacity, targeting 50 GWh by 2025 and up to 200 GWh by 2030. The announcement underscores FREYR's commitment to decarbonization and innovative technology development.
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Caterpillar Inc. (NYSE: CAT) CEO Jim Umpleby will participate in a fireside chat at CONEXPO, hosted by Goldman Sachs, on March 14, 2023, at 9:30 a.m. PT. The event will take place at the Las Vegas Convention Center, Central Hall N112, and will be available for live streaming. Institutional investors and analysts can register on the investor relations website 30 minutes prior to the event, with a replay available for 90 days afterward. Caterpillar, a leading manufacturer in construction and mining equipment, reported sales and revenues of $59.4 billion in 2022, focusing on a sustainable future through innovative products.
Caterpillar Inc. (NYSE: CAT) CFO Andrew Bonfield will present at the 15th Annual Evercore ISI Industrial Conference on March 8, 2023, at 9 a.m. ET. The event will be webcast live, accessible to the public via a provided link. Listeners are encouraged to register early on the investor relations website. A replay of the webcast will be available for 90 days, and a transcript will be posted afterward. Caterpillar, with 2022 sales of $59.4 billion, is the leading manufacturer in construction and mining equipment, and is committed to sustainability and innovation across its global operations.
Caterpillar Inc. (NYSE: CAT) released its first Lobbying Report on Feb. 3, 2023, detailing its public policy advocacy aligned with the company’s strategy for long-term growth. The report emphasizes transparency in Caterpillar's political engagement concerning climate initiatives and support for the energy transition. CEO Jim Umpleby highlighted the company's commitment to supporting sustainable practices and customer needs. The report will be published annually and includes insights into the governance of political activities, impacts of lobbying efforts, and Caterpillar's relations with trade associations.
Caterpillar Inc. (NYSE: CAT) announced the appointment of Judith Marks and James Fish, Jr. to its board of directors, effective March 1, 2023. Marks, CEO of Otis Worldwide Corporation, brings expertise in services growth and digital transformation. Fish, CEO of Waste Management, has a strong sustainability background. They will enhance the board's focus on long-term profitable growth and sustainable solutions. Edward Rust will not stand for re-election at the 2023 Annual Shareholder Meeting, acknowledging his 20 years of service. Following these changes, the board will consist of 11 members, with 10 being independent.
Cat Financial reported 2022 revenues of $2.73 billion, a 7% increase from 2021's $2.56 billion. Profit rose to $535 million, up 6% from $505 million in 2021. Despite this, retail new business volume fell 13% to $11.36 billion. The fourth quarter saw revenues of $724 million, a 13% increase, but profits decreased 3% to $118 million due to higher credit loss provisions. Past dues improved to 1.89% from 1.95% year-over-year. The allowance for credit losses totaled $346 million, or 1.29% of finance receivables.
Caterpillar reported a 20% increase in fourth-quarter 2022 sales, reaching $16.6 billion, and a 17% rise in full-year sales to $59.4 billion. Fourth-quarter profit per share was $2.79, down from $3.91 in 2021, affected by a $0.41 foreign currency impact. Adjusted profit per share rose to $3.86 from $2.69. For the full year, profit per share increased to $12.64, and adjusted profit per share rose to $13.84. Operating cash flow was strong at $7.8 billion, with $6.7 billion returned to shareholders through buybacks and dividends.
Mayville Engineering Company (NYSE: MEC) announced the appointment of Sean Leuba as Senior Vice President, Corporate Development and General Counsel, effective January 25, 2023. Mr. Leuba brings over two decades of experience in public-company development and legal expertise from Caterpillar (NYSE: CAT). CEO Jag Reddy expressed confidence that Leuba's leadership will significantly contribute to MEC's growth objectives across various markets. Leuba stated his eagerness to execute the company's long-term growth plan during this transformative period.
Caterpillar Inc. (NYSE: CAT) is set to announce its fourth-quarter and full-year 2022 financial results on January 31, 2023, at 5:30 a.m. CST. The announcement will be available on their investor website and via PR Newswire. A teleconference will follow at 7:30 a.m. CST for analysts and investors, with access provided via phone and webcast. Caterpillar, a leader in manufacturing construction equipment and diesel engines, reported $51.0 billion in sales and revenues in 2021. The company is committed to sustainability and operating through three main segments: Construction Industries, Resource Industries, and Energy & Transportation.