Welcome to our dedicated page for Caterpillar news (Ticker: CAT), a resource for investors and traders seeking the latest updates and insights on Caterpillar stock.
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.
Caterpillar (NYSE: CAT) will showcase four electric machine prototypes, including battery models, at bauma 2022 in Munich from Oct. 24-30. The prototypes aim to assist customers in their transition to sustainable practices, featuring the 301.9 mini excavator, 320 medium excavator, 950 GC medium wheel loader, and 906 compact wheel loader. These machines incorporate Caterpillar's innovative battery technology and charging options, and they are designed to meet diverse customer needs while maximizing sustainability.
Cheniere Energy has appointed Brian E. Edwards to its Board of Directors, effective October 3, 2022. Edwards, a Senior Vice President at Caterpillar, brings over 20 years of experience in manufacturing and engineering. He will serve on the Audit and Compensation Committees. Additionally, the company announced the retirement of David B. Kilpatrick from the Board, who contributed to the company since 2003. The changes reflect Cheniere's commitment to leadership that supports its growth as a leading liquefied natural gas operator globally.
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Dennis Muilenburg, the former CEO of Boeing (NYSE: BA), joins Green Eight Capital AG's Board of Directors to lead the new Aerospace Innovation Fund. This fund aims to invest in aerospace sectors to enhance supply chains and promote technological advancements. Muilenburg brings over 35 years of experience and previously launched initiatives at Boeing to foster entrepreneurship. He believes the aerospace industry can drive economic growth and innovation. Green Eight is currently raising capital for the fund and plans to expand its leadership team.
BHP Group Limited, Caterpillar Inc., and Finning International have announced a significant agreement to replace the entire haul truck fleet at the Escondida mine in Chile, the world's largest copper producer. This initiative involves deploying Caterpillar's new 798 AC electric drive trucks, slated to arrive in the second half of 2023 and delivered over the next decade. The move is part of Escondida's strategic equipment renewal to improve operational efficiency, safety, and contribute to decarbonization goals. The project also supports local employment and diversity initiatives in Antofagasta.
Cat Financial reported $668 million in revenues for Q2 2022, a 3% increase from $646 million in Q2 2021. Profit rose to $143 million, up 1% from $142 million year-over-year. Key contributors to revenue growth included $20 million from higher financing rates and $18 million from returned equipment, countered by a $15 million decline in earning assets. Retail new business volume fell 12% to $3.10 billion. Past dues decreased to 2.19%, showing improved portfolio performance.
Caterpillar Inc. (NYSE: CAT) reported an 11% increase in second-quarter 2022 sales and revenues, reaching $14.2 billion, compared to $12.9 billion in Q2 2021. Profit per share rose to $3.13, with an adjusted profit of $3.18. Operating profit margin slightly decreased to 13.6% from 13.9%. The firm returned $1.7 billion to shareholders via share repurchases and dividends. Despite supply chain challenges, demand across end markets remains healthy. The company ended the quarter with $6.0 billion in cash, showcasing its strong financial position.
Caterpillar Inc. (NYSE: CAT) will announce its second-quarter 2022 financial results on August 2 at 5:30 a.m. CDT. The financial results will be accessible via the company’s investor website and PR Newswire. A teleconference for analysts will follow at 7:30 a.m. CDT, with access provided through a conference call. Caterpillar reported $51.0 billion in sales and revenues in 2021, showcasing its position as a leading manufacturer in the construction and mining equipment sector.
Caterpillar Inc. has become the Official Heavy Equipment and Industrial Power Sponsor of the NHL, marking a multiyear partnership that starts in the 2022-23 NHL season. This collaboration aims to highlight the contributions of those who manufacture and operate Cat products while enhancing brand visibility at major NHL events. Caterpillar will engage with fans and its customer base through various initiatives and promotional activities both in-arena and via NHL media platforms. In 2021, Caterpillar reported sales and revenues of $51 billion, showcasing its position as a leading manufacturer in the heavy equipment sector.
Caterpillar (NYSE: CAT) announced on June 14, 2022, its decision to relocate its global headquarters from Deerfield, Illinois, to Irving, Texas. Chairman and CEO Jim Umpleby stated this move aligns with the company's strategy for profitable growth and sustainability efforts. Although Texas has been home to Caterpillar since the 1960s, Illinois will continue to host the largest concentration of Caterpillar employees. The transition to the new headquarters is set to begin in 2022.