Caterpillar Inc. - $CAT STOCK NEWS

Caterpillar Inc. (NYSE: CAT) is set to showcase its electric machines and energy solutions at CES 2024, highlighting its commitment to innovation and sustainability. The exhibit will feature breakthrough innovations, including a zero-exhaust-emission underground loader for mining and a mini excavator, as well as a broad portfolio of integrated solutions for on-site power generation, energy storage, and digital monitoring. CES 2024, taking place in Las Vegas, is expected to draw 130,000 attendees.

Caterpillar Inc. (CAT) signs electrification strategic agreement with CRH (CRH) to deploy zero-exhaust emissions solutions. CRH, the leading aggregates producer in North America, partners with Caterpillar to accelerate the deployment of 70 to 100-ton-class battery electric off-highway trucks and charging solutions. The collaboration aims to support CRH's climate-related objective of reducing greenhouse gas emissions by 30% by 2030 and achieving net-zero emissions by 2050.

Caterpillar Inc. (NYSE: CAT) successfully demonstrated its first battery electric prototype underground mining truck, expanding its battery electric and semi-autonomous technology for underground mining applications. The demonstration for Newmont and other industry leaders took place in Tasmania, Australia, with input and support from Newmont Corporation. The milestone showcases the impact of strong collaboration in the mining industry and reflects the partnership between Newmont and Caterpillar, aiming to achieve a fully connected, automated, zero carbon emitting, end-to-end mining system. The battery electric truck will complete Caterpillar's first fully electric underground load and haul solution when paired with the commercially available R1700 XE battery electric loader. Caterpillar also demonstrated its growing autonomy and automation capabilities, addressing key safety challenges faced by underground customers and aiming to improve productivity and safety for underground mining customers. This demonstration is part of Caterpillar's progress in developing more sustainable offerings for the mining industry, both on the surface and underground.

Caterpillar Inc. (NYSE: CAT) appoints Jason Kaiser as Group President of the Energy & Transportation segment, effective Jan. 1, 2024. Kaiser's extensive experience in engineering, product management, and operations will lead the Rail Division, Solar Turbines, Large Power Systems Division, Industrial Power Systems Division, Electric Power Division, Caterpillar Oil & Gas and Marine Division, Cat Reman, and Electrification and Energy Solutions Division. Since joining Caterpillar in 2000, Kaiser has held numerous roles in engineering, sales, and operations with increasing responsibility across the electric power business.

Caterpillar Inc. (NYSE: CAT) maintains its quarterly dividend of $1.30 per share of common stock, payable on Feb. 20, 2024, to shareholders of record as of Jan. 22, 2024. The company has a long history of paying dividends and has consistently increased its annual dividends for 30 consecutive years. Caterpillar is also a member of the S&P 500 Dividend Aristocrats Index.

DENSO (NYSE: CAT) Wins Caterpillar's Supplier Excellence Award 2023 for Outstanding Quality and Service. The award recognizes DENSO's exceptional performance in meeting customer commitments and its global presence across multiple industries. Pam Heminger, Senior Vice President for the Strategic Procurement and Planning Division, emphasized the importance of suppliers in delivering innovative products and services. DENSO earned recognition for its heavy-duty starter and alternator business, as well as exceptional performance and service provided for its engine control unit. The company's dedicated team in North America, global collaboration, and strong partnership with Caterpillar were highlighted. DENSO's expansion into mobility, agritech, and urban air mobility further demonstrates its commitment to innovation and growth.

FREYR Battery (NYSE: FREY) reported Q3 2023 financial results, highlighting delays in commissioning equipment at the Customer Qualification Plant. The company ended Q3 with $328 million in cash and no debt, expects to exit 2023 with $250 million in cash, and is implementing cost rationalization initiatives to extend cash runway. FREYR plans to minimize spending on the Giga Arctic project in 2024 and is engaging with potential financial sponsors and strategic partners.

Caterpillar and Freeport-McMoRan are collaborating to convert Freeport-McMoRan's fleet of 33 Cat® 793 haul trucks at its Bagdad mine in Arizona to an autonomous haulage system (AHS) using Cat MineStar™ Command for hauling. The conversion will improve worker safety and reduce idle time by 10,000 hours annually. Caterpillar will provide assistance with autonomy deployment, change management, and training.

Cat Financial reported third-quarter 2023 revenues of $846 million, an increase of $156 million, or 23%, compared with the same period last year. However, the profit for the quarter decreased by $33 million, or 25%, compared to the previous year. The decrease in profit was mainly due to a higher provision for credit losses and the absence of prior year reserve releases. Retail new business volume increased by 6% to $2.89 billion, driven by higher volume in North America. Past dues at Cat Financial decreased to 1.96% from 2.00% last year, and write-offs decreased to $9 million from $13 million. The allowance for credit losses at the end of the third quarter was $340 million, or 1.23% of finance receivables.