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 Inc. (NYSE: CAT) has appointed Nazzic S. Keene, former CEO of Science Applications International (SAIC), to its board of directors, effective Nov. 1. Keene, 64, will serve on Caterpillar's Nominating & Governance Committee and Compensation & Human Resources Committee.
Keene retired in 2023 after four years as CEO and director of SAIC, a global company specializing in integrating information technology systems for government bodies. She previously served as SAIC's Chief Operating Officer from 2017 to 2019 and as President of Global Markets & Missions from 2013 to 2017. Keene is currently a director of Automatic Data Processing Inc. and ITT Inc.
Caterpillar Inc. (NYSE: CAT) has announced the maintenance of its quarterly dividend at $1.41 per share of common stock. This dividend will be payable on November 20, 2024, to shareholders of record as of the close of business on October 21, 2024. The company has a long-standing history of dividend payments, having paid a cash dividend every year since its formation and a quarterly dividend since 1933. With this payment, Caterpillar will have increased its annual dividends for 31 consecutive years, solidifying its position as a member of the S&P 500 Dividend Aristocrats Index.
PPG (NYSE: PPG) has been awarded a Caterpillar Supplier Excellence Award 2024 from Caterpillar Inc. (NYSE: CAT). The award was presented at Caterpillar's Supplier Excellence Recognition event in Grapevine, Texas on Sept. 19, where only the top four percent of CAT suppliers globally were invited.
This prestigious award demonstrates PPG's excellence in meeting customer commitments across Caterpillar's global presence in multiple industries. PPG met or exceeded rigorous requirements and achieved world-class certification levels under Caterpillar's Supplier Excellence programming from May 2023 through June 2024.
Kevin Wozniak, PPG global accounts director for Industrial Coatings, highlighted that this is PPG's first time receiving a Supplier Excellence Award, showcasing their commitment to providing innovative, high-quality products that exceed Caterpillar's standards. PPG, a global leader in coatings, paints, and specialty materials, has been at the forefront of innovation for over 140 years, offering comprehensive solutions that prioritize technology, quality, and sustainability in the industrial market.
Caterpillar Inc. (NYSE: CAT) and Trimble (Nasdaq: TRMB) have announced the extension of their long-standing joint venture, Caterpillar Trimble Control Technologies (CTCT), which has led the industry in grade control solutions since 2002. The renewed agreement aims to accelerate innovation and customer adoption of grade control solutions in the construction sector through expanded distribution options.
Key points of the agreement include:
- Increased industry reach and broader availability of interoperable grade control solutions
- More access options for Caterpillar customers, including factory-fit grade options and expanded aftermarket offerings
- Broader availability for Trimble customers, including continued mixed-fleet support and an expanded distribution network
- Streamlined access to grade control through Trimble Construction One™ suite of digital solutions
This partnership reinforces both companies' commitment to connecting the office and field throughout the design-build-operate lifecycle of construction projects.
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.