Summary by Moomoo AI
Caterpillar reported Q2 2024 profit of $2.68 billion, down 8% YoY, as total sales and revenues decreased 4% to $16.69 billion. The decline was primarily due to lower sales volume, partially offset by favorable price realization. Dealer inventory decreased during Q2 2024, compared to an increase in Q2 2023.Adjusted profit per share rose to $5.99 from $5.55 last year. Operating profit margin was 20.9%, compared to 21.1% in Q2 2023. By segment, Construction Industries and Resource Industries saw lower sales, while Energy & Transportation increased. Geographically, sales grew in Latin America but declined in other regions.For the full year 2024, Caterpillar anticipates slightly lower sales and revenues compared to 2023. The company expects a slight decrease in machine dealer inventories, mostly driven by Resource Industries. Caterpillar ended Q2 with $4.3 billion in enterprise cash and repurchased $6.28 billion of common stock in the first half of 2024.
