Summary by Moomoo AI
Caterpillar reported third-quarter 2024 sales and revenues of $16.1 billion, down 4% from $16.8 billion in Q3 2023, primarily due to lower sales volume. Operating profit decreased 9% to $3.15 billion, with operating profit margin at 19.5% compared to 20.5% in the prior year. Profit per share was $5.06, down from $5.45 in Q3 2023, mainly impacted by lower sales volume but partially offset by favorable price realization.Construction Industries and Resource Industries segments saw sales declines of 9% and 10% respectively, while Energy & Transportation grew 5% year-over-year. The company's dealer inventory increased by $400 million during Q3 2024, compared to a $600 million increase in Q3 2023. Financial Products segment revenues rose 6% to $1.03 billion, with segment profit up 21% to $246 million.The company maintained a strong financial position with $5.6 billion in enterprise cash at quarter-end. During Q3 2024, Caterpillar repurchased $782 million of common stock and expects machine dealer inventory at year-end 2024 to remain around the same level as year-end 2023. The company anticipates continued services growth and projects a full-year effective tax rate of 22.5%, excluding discrete items.
