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Caterpillar Inc.: Exhibit 99.1 to Form 8-K -6-

DJ Caterpillar Inc.: Exhibit 99.1 to Form 8-K Earnings Release dated 30 July 2018

Dow Jones received a payment from EQS/DGAP to publish this press release.

Caterpillar Inc. 
Caterpillar Inc.: Exhibit 99.1 to Form 8-K Earnings Release dated 30 July 2018 
 
01-Aug-2018 / 17:24 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Exhibit 99.1 
 
Caterpillar Inc. 
 
2Q 2018 Earnings Release 
 
July 30, 2018 
 
FOR IMMEDIATE RELEASE 
 
Caterpillar Reports Second-Quarter 2018 Results 
 
Record Second-Quarter Profit Per Share; Raised Full-Year Outlook on Continued Strength in End 
Markets 
 
($ in billions except profit per share) 
                                        Second 2018  Quarter 
                                                        2017 
Sales and Revenues                      $14.0          $11.3 
Profit Per Share                        $2.82          $1.35 
Adjusted Profit Per Share               $2.97          $1.49 
 
DEERFIELD, Ill. - Caterpillar Inc. (NYSE: CAT) today announced second-quarter 2018 sales and 
revenues of $14.0 billion, compared with $11.3 billion in the second quarter of 2017, a 24 
percent increase. Second-quarter 2018 profit per share of $2.82 was a second-quarter record. 
Profit per share was $1.35 in the second quarter of 2017. Adjusted profit per share in the 
second quarter of 2018 was $2.97, compared with second-quarter 2017 adjusted profit per share 
of $1.49. 
 
During the second quarter of 2018, Machinery, Energy & Transportation (ME&T) operating cash 
flow was $2.1 billion, and the company repurchased $750 million of Caterpillar common stock. In 
June 2018, the board of directors approved an increase to the quarterly dividend of 10 percent 
to $0.86 per share. The second quarter of 2018 ended with an enterprise cash balance of $8.7 
billion. 
 
"Caterpillar delivered record second-quarter profit per share," said Caterpillar CEO Jim 
Umpleby. "Our team is doing a great job executing our strategy for profitable growth, focusing 
on operational excellence, expanded offerings and services." 
 
2018 Outlook 
 
The company is raising its 2018 profit per share outlook to a range of $10.50 to $11.50. 
Excluding restructuring costs of about $400 million, the company expects adjusted profit per 
share to be in a range of $11.00 to $12.00. The prior profit per share outlook range was $9.75 
to $10.75, and the adjusted profit per share outlook range was $10.25 to $11.25. 
 
"Based on outstanding results in the first half of the year and continued strength in many of 
our end markets, Caterpillar is again raising our profit outlook for 2018. We remain focused on 
operational excellence, cost discipline and investing for long-term profitable growth," said 
Umpleby. 
 
(more) 
 
2 
 
Sales and revenues - Most end markets continue to improve, order rates are healthy and the 
backlog remained solid in the quarter. For certain applications, particularly in oil and gas 
and mining, the company is seeing strong demand and taking orders for delivery well into 2019. 
 
Operating profit - The company is raising the outlook range primarily due to the continued 
strength in many end markets. Recently imposed tariffs are expected to impact material costs in 
the second half of the year by approximately $100 million to $200 million, and the company 
expects supply chain challenges to continue to pressure freight costs. However, the company 
intends to largely offset these impacts through announced mid-year price increases and using 
the Operating & Execution Model to further drive operational excellence and structural cost 
discipline. 
 
The outlook does not include a mark-to-market gain or loss for remeasurement of pension and 
other postemployment benefit (OPEB) plans, changes to provisional estimates recorded in 2017 
for U.S. tax reform, or any impact from future geopolitical risks, including increased trade 
restrictions above those currently in place. 
 
Share Repurchase; Authorization for New $10 Billion Share Repurchase Program 
 
In January 2014, the board of directors authorized the repurchase of $10.0 billion of 
Caterpillar common stock. The current program expires at the end of this year. Under this 
authorization, the company repurchased $1.25 billion in common stock in the first half of 2018, 
of which $750 million was repurchased in the second quarter. As of June 30, 2018, $4.2 billion 
remained on the current authorization. The company currently expects share repurchases during 
the second half of 2018 to be in a similar range as the first half, but the amount could vary 
depending upon market conditions and investing priorities. Aligned with the cash deployment 
strategy, the company plans to be in the market for share repurchases on a fairly consistent 
basis. 
 
In July 2018, the board of directors authorized the repurchase of up to $10.0 billion of 
Caterpillar common stock effective January 1, 2019, with no expiration date. 
 
(more) 
 
3 
 
Notes: 
 
? Glossary of terms is included on pages 14-15; first occurrence of terms shown in bold 
italics. 
 
? Information on non-GAAP financial measures is included on page 16. 
 
? Caterpillar will conduct a teleconference and live webcast, with a slide presentation, 
beginning at 10 a.m. Central Time on Monday, July 30, 2018, to discuss its 2018 second-quarter 
financial results. The accompanying slides will be available before the webcast on the 
Caterpillar website at http://www.caterpillar.com/investors/events-and-presentations. [1] 
 
About Caterpillar: 
 
For more than 90 years, Caterpillar Inc. has been making sustainable progress possible and 
driving positive change on every continent. Customers turn to Caterpillar to help them develop 
infrastructure, energy and natural resource assets. With 2017 sales and revenues of $45.462 
billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, 
diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The 
company principally operates through its three primary segments - Construction Industries, 
Resource Industries and Energy & Transportation - and also provides financing and related 
services through its Financial Products segment. For more information, visit caterpillar.com 
[2]. To connect with us on social media, visit caterpillar.com/social-media. [3] 
 
Caterpillar contact: Corrie Scott, 224-551-4133 (Office), 808-351-3865 (Mobile) or [4] Scott 
Corrie@cat.com 
Forward-Looking Statements 
 
Certain statements in this press release relate to future events and expectations and are 
forward-looking statements within the meaning of the Private Securities Litigation Reform Act 
of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," 
"anticipate," "plan," "project," "intend," "could," "should" or other similar words or 
expressions often identify forward-looking statements. All statements other than statements of 
historical fact are forward-looking statements, including, without limitation, statements 
regarding our outlook, projections, forecasts or trend descriptions. These statements do not 
guarantee future performance and speak only as of the date they are made, and we do not 
undertake to update our forward-looking statements. 
 
Caterpillar's actual results may differ materially from those described or implied in our 
forward-looking statements based on a number of factors, including, but not limited to: (i) 
global and regional economic conditions and economic conditions in the industries we serve; 
(ii) commodity price changes, material price increases, fluctuations in demand for our products 
or significant shortages of material; (iii) government monetary or fiscal policies; (iv) 
political and economic risks, commercial instability and events beyond our control in the 
countries in which we operate; (v) international trade policies and their impact on demand for 
our products and our competitive position, including the imposition of new tariffs or changes 
in existing tariff rates; (vi) our ability to develop, produce and market quality products that 
meet our customers' needs; (vii) the impact of the highly competitive environment in which we 
operate on our sales and pricing; (viii) information technology security threats and computer 
crime; (ix) additional restructuring costs or a failure to realize anticipated savings or 
benefits from past or future cost reduction actions; (x) failure to realize all of the 
anticipated benefits from initiatives to increase our productivity, efficiency and cash flow 
and to reduce costs; (xi) inventory management decisions and sourcing practices of our dealers 
and our OEM customers; (xii) a failure to realize, or a delay in realizing, all of the 
anticipated benefits of our acquisitions, joint ventures or divestitures; (xiii) union disputes 
or other employee relations issues; (xiv) adverse effects of unexpected events including 
natural disasters; (xv) disruptions or volatility in global financial markets limiting our 
sources of liquidity or the liquidity of our customers, dealers and suppliers; (xvi) failure to 
maintain our credit ratings and potential resulting increases to our cost of borrowing and 
adverse effects on our cost of funds, liquidity, competitive position and access to capital 
markets; (xvii) our Financial Products segment's risks associated with the financial services 
industry; (xviii) changes in interest rates or market liquidity conditions; (xix) an increase 
in delinquencies, repossessions or net losses of Cat Financial's customers; (xx) currency 
fluctuations; (xxi) our or Cat Financial's compliance with financial and other restrictive 
covenants in debt agreements; (xxii) increased pension plan funding obligations; (xxiii) 
alleged or actual violations of trade or anti-corruption laws and regulations; (xxiv) 
additional tax expense or exposure, including the impact of U.S. tax reform; (xxv) significant 
legal proceedings, claims, lawsuits or government investigations; (xxvi) new regulations or 

(MORE TO FOLLOW) Dow Jones Newswires

August 01, 2018 11:25 ET (15:25 GMT)

DJ Caterpillar Inc.: Exhibit 99.1 to Form 8-K -2-

changes in financial services regulations; (xxvii) compliance with environmental laws and 
regulations; and (xxviii) other factors described in more detail in Caterpillar's Forms 10-Q, 
10-K and other filings with the Securities and Exchange Commission. 
 
(more) 
 
4 
 
CONSOLIDATED RESULTS 
 
Consolidated Sales and Revenues 
 
The chart above graphically illustrates reasons for the change in Consolidated Sales and 
Revenues between the second quarter of 2017 (at left) and the second quarter of 2018 (at 
right). Items favorably impacting sales and revenues appear as upward stair steps with the 
corresponding dollar amounts above each bar, while items negatively impacting sales and 
revenues appear as downward stair steps with dollar amounts reflected in parentheses above each 
bar. Caterpillar management utilizes these charts internally to visually communicate with the 
company's board of directors and employees. 
 
Total sales and revenues were $14.011 billion in the second quarter of 2018, an increase of 
$2.680 billion, or 24 percent, compared with $11.331 billion in the second quarter of 2017. The 
increase was primarily due to higher sales volume driven by improved demand across the three 
primary segments, with the largest increase in Construction Industries. Sales were also higher 
due to currency impacts, primarily from a stronger euro and Chinese yuan. 
 
(more) 
 
5 
 
Sales and Revenues by Geographic Region 
 
(Millions of    North     Latin      EAME    Asia/Pacific  External   Inter-Segment  Total 
dollars)       America   America                           Sales                     Sales and 
Second Quarter                                             and                       Revenues 
2018                                                       Revenues 
                   $ % Chg $ % Chg   $ % Chg       $ % Chg   $ % Chg         $ % Chg    $ % Chg 
 
Construction      $ 18%    $    8%   $   21%      $  43%      $  24%      35     21%    $   24% 
Industries     2,73      392       1,1        1,835        6,13                      6,17 
                  9                 71                        7                         2 
Resource        804 31%  394   32% 569   44%    664  47%   2,43  38%      95     23% 2,52   38% 
Industries                                                    1                         6 
Energy &       2,58 30%  287  (8%) 1,1    7%    692  22%   4,71  20%   1,010     22% 5,72   20% 
Transportation    2                 53                        4                         4 
All Other        17 70%    1    -%   4 (64%)     19  73%     41  24%      83   (21%)  124 (10%) 
Segments 
Corporate      (40)      (3)         -          (1)        (44)      (1,223)         (1,2 
Items and                                                                             67) 
Eliminations 
Machinery, 
Energy & 
Transportation    $ 25% $1,0   10%   $   18%      $  39%   $13,  25%     $ -      -% $13,   25% 
               6,10       71       2,8        3,209         279                       279 
                  2                 97 
Financial         $ 6%  $ 71 (10%)   $    -%  $ 120  32%      $   7%     $ -      -%    $    7% 
Products        537                101                      829                       829 
Segment 
Corporate      (57)     (11)       (7)         (22)        (97)            -         (97) 
Items and 
Eliminations 
Financial         $ 6%  $ 60  (6%)   $  (2%)   $ 98  26%      $   6%     $ -      -%    $    6% 
Products        480                 94                      732                       732 
Revenues 
Consolidated 
Sales and 
Revenues          $ 23% $1,1    9%   $   18%      $  38%   $14,  24%     $ -      -% $14,   24% 
               6,58       31       2,9        3,307         011                       011 
                  2                 91 
Second Quarter 
2017 
Construction      $        $         $            $           $         $ 29            $ 
Industries     2,31      364       964        1,284        4,93                      4,95 
                  8                                           0                         9 
Resource        612      299       396          452        1,75           77         1,83 
Industries                                                    9                         6 
Energy &       1,98      312       1,0          568        3,94          827         4,76 
Transportation    2                 79                        1                         8 
All Other        10        1        11           11          33          105          138 
Segments 
Corporate      (22)        -       (2)            -        (24)      (1,038)         (1,0 
Items and                                                                             62) 
Eliminations 
Machinery, 
Energy & 
Transportation    $        $         $            $        $10,          $ -         $10, 
               4,90      976       2,4        2,315         639                       639 
                  0                 48 
Financial         $     $ 79         $         $ 91           $          $ -            $ 
Products        505                101                      776                       776 
Segment 
Corporate      (51)     (15)       (5)         (13)        (84)            -         (84) 
Items and 
Eliminations 
Financial         $     $ 64         $         $ 78           $          $ -            $ 
Products        454                 96                      692                       692 
Revenues 
Consolidated 
Sales and 
Revenues          $     $1,0         $            $        $11,          $ -         $11, 
               5,35       40       2,5        2,393         331                       331 
                  4                 44 
 
Sales and Revenues by Segment 
 
              Second  Sales       Price          Inter-   Second      $      % 
                                                 Segment 
                                                    / 
(Millions of Quarter Volume Realization Currency   Other Quarter Change Change 
dollars)        2017                                        2018 
Construction $ 4,959      $      $ (68)    $ 149     $ 6 $ 6,172      $    24% 
Industries            1,126                                       1,213 
Resource       1,836    565          94       13      18   2,526    690    38% 
Industries 
Energy &       4,768    641          64       68     183   5,724    956    20% 
Transportati 
on 
All Other        138      6           -        2    (22)     124   (14)  (10%) 
Segments 
Corporate    (1,062)   (21)           1        -   (185) (1,267)  (205) 
Items and 
Eliminations 
Machinery,         $      $        $ 91    $ 232    $ - $ 13,279      $    25% 
Energy &      10,639  2,317                                       2,640 
Transportati 
on 
Financial      $ 776                    $ - $ - $ - $ 53   $ 829   $ 53     7% 
Products 
Segment 
Corporate       (84)      -           -        -    (13)    (97)   (13) 
Items and 
Eliminations 
Financial      $ 692                    $ - $ - $ - $ 40   $ 732   $ 40     6% 
Products 
Revenues 
Consolidated       $      $        $ 91       $ 232 $ 40       $      $    24% 
Sales and     11,331  2,317                               14,011  2,680 
Revenues 
 
(more) 
 
6 
 
Consolidated Operating Profit 
 
The chart above graphically illustrates reasons for the change in Consolidated Operating Profit 
between the second quarter of 2017 (at left) and the second quarter of 2018 (at right). Items 
favorably impacting operating profit appear as upward stair steps with the corresponding dollar 
amounts above each bar, while items negatively impacting operating profit appear as downward 
stair steps with dollar amounts reflected in parentheses above each bar. Caterpillar management 
utilizes these charts internally to visually communicate with the company's board of directors 
and employees. The bar entitled Other includes consolidating adjustments and Machinery, Energy 
& Transportation other operating (income) expenses. 
 
Operating profit for the second quarter of 2018 was $2.167 billion, compared to $1.184 billion 
in the second quarter of 2017. The increase of $983 million was mostly due to higher sales 
volume. Favorable price realization was partially offset by higher manufacturing costs. 
 
Manufacturing costs were higher due to increased freight and material costs, partially offset 
by lower warranty expense. Freight costs were unfavorable primarily due to supply chain 
inefficiencies as the industry responds to strong global demand. Material costs were higher 
primarily due to increases in steel prices. 
 
Lower operating profit from Financial Products and slightly higher selling, general and 
administrative (SG&A) and research and development (R&D) expenses were partially offset by a 
decrease in restructuring costs. 
 
(more) 
 
7 
 
Profit by Segment 
 
                 Second Quarter     Second Quarter      $      % 
(Millions of       2018              2017          Change Change 
dollars) 
Construction  $           1,154 $              900  $ 254    28% 
Industries 
Resource                    411                 99    312   315% 
Industries 
Energy &                  1,012                694    318    46% 
Transportatio 
n 
All Other                    23               (19)     42 
Segments 
Corporate                 (466)              (589)    123 
Items and 
Eliminations 
Machinery,    $           2,134 $            1,085      $    97% 
Energy &                                            1,049 
Transportatio 
n 
Financial     $             134 $              191 $ (57)  (30%) 
Products 
Segment 
Corporate                   (5)                (5)      - 
Items and 
Eliminations 
Financial     $             129 $              186 $ (57)  (31%) 
Products 
Consolidating              (96)               (87)    (9) 
Adjustments 
Consolidated  $           2,167 $            1,184  $ 983    83% 
Operating 
Profit 
 
Other Profit/Loss Items 
 
Other income/expense in the second quarter of 2018 was income of $121 million, compared with 

(MORE TO FOLLOW) Dow Jones Newswires

August 01, 2018 11:25 ET (15:25 GMT)

DJ Caterpillar Inc.: Exhibit 99.1 to Form 8-K -3-

income of $96 million in the second quarter of 2017. The favorable change was primarily a 
result of lower currency translation and hedging net losses, the impact from pension and OPEB 
plans and other miscellaneous items, mostly offset by the absence of a pretax gain of $85 
million on the sale of Caterpillar's equity investment in IronPlanet in the second quarter of 
2017. 
 
The provision for income taxes in the second quarter of 2018 reflected an estimated annual tax 
rate of 24 percent, compared to 32 percent for the second quarter of 2017, excluding the 
discrete items discussed in the following paragraph. The decrease was primarily due to the 
reduction in the U.S. corporate tax rate beginning January 1, 2018, along with other changes in 
the geographic mix of profits from a tax perspective. 
 
The provision for income taxes in the second quarter of 2018 also included a $25 million 
benefit for the release of a valuation allowance against the deferred tax assets of a non-U.S. 
subsidiary. In addition, a discrete tax benefit of $9 million was recorded in the second 
quarter of 2018, compared to $10 million in the second quarter of 2017, for the settlement of 
stock-based compensation awards with associated tax deductions in excess of cumulative U.S. 
GAAP compensation expense. 
 
(more) 
 
8 
 
Global Workforce 
 
Caterpillar worldwide, full-time employment was about 101,600 at the end of the second quarter 
of 2018. The increase of about 6,800 full-time employees from the end of the second quarter of 
2017 was primarily due to an increase in production employment to support higher volumes. The 
flexible workforce increased by about 3,300, also primarily due to higher production volumes. 
In total, the global workforce increased by about 10,100 from the end of the second quarter of 
2017. 
 
                             June 30 
                      2018    2017   Increase 
Full-time employment 101,600  94,800    6,800 
Flexible workforce    19,700  16,400    3,300 
Total                121,300 111,200   10,100 
Geographic summary 
U.S. workforce        52,900  48,500    4,400 
Non-U.S. workforce    68,400  62,700    5,700 
Total                121,300 111,200   10,100 
 
(more) 
 
9 
 
CONSTRUCTION INDUSTRIES 
 
(Millions of dollars) 
 
Segment Sales 
 
Second Price Second $ % 
 
Quarter 2017 Sales Volume Realization Currency Inter-Segment Quarter 2018 Change Change 
 
Total Sales              $4,959       $1,126  ($68)     $149 $6 
                                                         $6,172 
                                                     $1,213 24% 
 
Sales by Geographic      Region Second            $ 
                                Quarter 2017 
                                                    % 
                                                    Change 
                      Second                 Change 
                      Quarter 
                       2018 
North America            $2,739       $2,318   $421         18% 
Latin America               392          364     28          8% 
EAME                      1,171          964    207         21% 
Asia/Pacific              1,835        1,284    551         43% 
External Sales           $6,137       $4,930 $1,207         24% 
Inter-segment                35           29      6         21% 
Total Sales              $6,172       $4,959 $1,213         24% 
 
Segment Profit 
 
Second Second % 
 
Quarter 2018 Quarter 2017 Change Change 
 
Segment Profit $1,154 $900 $254 28% 
 
Segment Profit Margin 18.7% 18.1% 0.6 pts 
 
Construction Industries' total sales were $6.172 billion in the second quarter of 2018, 
compared with $4.959 billion in the second quarter of 2017. The increase was mostly due to 
higher sales volume for construction equipment. Sales were also higher due to currency impacts, 
primarily from a stronger Chinese yuan and euro, partially offset by unfavorable price 
realization. 
 
Sales increased in all regions. 
 
In North America, the sales increase was mostly due to higher demand for construction 
equipment, primarily due to oil and gas, including pipelines, and non-residential construction 
activities. The sales increase was partially offset by unfavorable price realization. 
 
Although construction activities remained weak in Latin America, sales were slightly higher in 
the region. 
 
Sales increased in EAME primarily due to higher demand and the favorable impact of currency, 
mostly from a stronger euro. Higher demand was driven by increased construction activities 
across several countries in the region. 
 
Sales in Asia/Pacific were higher across the region, with most of the improved demand in China 
stemming from increased building construction and infrastructure investment. The favorable 
impact of a stronger Chinese yuan also contributed to increased sales. 
 
Construction Industries' profit was $1.154 billion in the second quarter of 2018, compared with 
$900 million in the second quarter of 2017. The increase in profit was a result of higher sales 
volume, partially offset by unfavorable price realization, higher material and freight costs, 
and increased SG&A/R&D expenses. 
 
(more) 
 
10 
 
RESOURCE INDUSTRIES 
 
(Millions of dollars) 
 
Segment Sales 
 
Second Price Second $ % 
 
Quarter 2017 Sales Volume Realization Currency Inter-Segment Quarter 2018 Change Change 
 
Total Sales $1,836 $565 $94 $13 $18 $2,526 $690 38% 
 
Sales by Geographic Region 
 
                  Second    Second Quarter 2017      $   % 
               Quarter 2018                            Change 
 
                                                Change 
North America          $804                $612   $192 31% 
Latin America           394                 299     95 32% 
EAME                    569                 396    173 44% 
Asia/Pacific            664                 452    212 47% 
External Sales       $2,431              $1,759   $672 38% 
Inter-segment            95                  77     18 23% 
Total Sales          $2,526              $1,836   $690 38% 
 
Segment Profit 
 
Second Second % 
 
Quarter 2018 Quarter 2017 Change Change 
 
Segment Profit $411 $99 $312 315% 
 
Segment Profit Margin 16.3% 5.4% 10.9 pts 
 
Resource Industries' total sales were $2.526 billion in the second quarter of 2018, an increase 
of $690 million from the second quarter of 2017. The increase was primarily due to higher 
demand for equipment across all regions. Commodity prices remained strong in the second quarter 
of 2018, and the company saw mining customers invest in current fleets and mine expansions, 
resulting in higher equipment sales. However, we believe mining customers have not yet 
commenced full-scale fleet replacements. Increased mine production and higher machine 
utilization resulted in improved aftermarket parts sales. In addition, global economic growth 
contributed to stronger sales for heavy construction equipment. Favorable price realization 
also contributed to increased sales. 
 
Resource Industries' profit was $411 million in the second quarter of 2018, compared with $99 
million in the second quarter of 2017. The improvement was mostly due to higher sales volume 
and favorable price realization. Manufacturing costs were favorable primarily due to lower 
warranty expense, partially offset by higher freight costs. The favorable warranty was mostly 
driven by the absence of a customer warranty program that occurred in the second quarter of 
2017. 
 
(more) 
 
11 
 
ENERGY & TRANSPORTATION 
 
(Millions of dollars) 
 
Segment Sales 
 
Second Price Second $ % 
 
Quarter 2017 Sales Volume Realization Currency Inter-Segment Quarter 2018 Change Change 
 
Total Sales $4,768 $641 $64 $68 $183 $5,724 $956 20% 
 
Sales by Application 
 
                    Second    Second Quarter 2017      $   % 
                 Quarter 2018                            Change 
 
                                                  Change 
Oil and Gas            $1,467              $1,053   $414    39% 
Power Generation          992                 877    115    13% 
Industrial                969                 884     85    10% 
Transportation          1,286               1,127    159    14% 
External Sales         $4,714              $3,941   $773    20% 
Inter-segment           1,010                 827    183    22% 
Total Sales            $5,724              $4,768   $956    20% 
 
Segment Profit 
 
Second Second % 
 
Quarter 2018 Quarter 2017 Change Change 
 
Segment Profit $1,012 $694 $318 46% 
 
Segment Profit Margin 17.7% 14.6% 3.1 pts 
 
Energy & Transportation's total sales were $5.724 billion in the second quarter of 2018, 
compared with $4.768 billion in the second quarter of 2017. The increase was primarily due to 
higher sales volume across all applications. Favorable currency impacts, mostly from a stronger 
euro, and favorable price realization also contributed to the increase in sales. 
 
Oil and Gas - Sales increased due to higher demand in North America for gas compression, well 
servicing and production applications. Higher energy prices and growth in U.S. onshore oil and 
gas drove increased sales for reciprocating engines and related aftermarket parts. Sales in 
North America were also positively impacted by the timing of turbine project deliveries. 
 
Power Generation - Sales improved mostly due to higher demand in EAME, primarily from growth in 
the gas power generation market and favorable currency impacts. 
 
Industrial - Sales were higher in North America and Asia/Pacific due to favorable economic 
conditions. 
 
Transportation - Sales were higher for rail services, driven primarily by acquisitions in 
Asia/Pacific and EAME, and increased rail traffic in North America. Marine sales were higher in 
EAME primarily due to activity in the cruise sector and favorable currency. 
 
Energy & Transportation's profit was $1.012 billion in the second quarter of 2018, compared 
with $694 million in the second quarter of 2017. The improvement was due to higher sales 
volume, favorable price realization and lower short-term incentive compensation expense. This 

(MORE TO FOLLOW) Dow Jones Newswires

August 01, 2018 11:25 ET (15:25 GMT)

DJ Caterpillar Inc.: Exhibit 99.1 to Form 8-K -4-

was partially offset by higher freight costs and increased spending for targeted investments. 
 
(more) 
 
12 
 
FINANCIAL PRODUCTS SEGMENT 
 
(Millions of dollars) 
 
Revenues by Geographic Region 
 
                 Second    Second Quarter 2017      $   % 
              Quarter 2018                            Change 
 
                                               Change 
North America         $537                $505    $32     6% 
Latin America           71                  79    (8)  (10%) 
EAME                   101                 101      -     -% 
Asia/Pacific           120                  91     29    32% 
Total                 $829                $776    $53     7% 
 
Segment Profit 
 
Second Second % 
 
Quarter 2018 Quarter 2017 Change Change 
 
Segment Profit $134 $191 ($57) (30%) 
 
Financial Products' segment revenues were $829 million in the second quarter of 2018, an 
increase of $53 million, or 7 percent, from the second quarter of 2017. The increase was 
primarily due to higher average financing rates in North America and higher average earning 
assets in Asia/Pacific and North America, partially offset by lower intercompany lending 
activity in North America and lower average earning assets in Latin America. 
 
Financial Products' segment profit was $134 million in the second quarter of 2018, compared 
with $191 million in the second quarter of 2017. The decrease was primarily due to an increase 
in the provision for credit losses at Cat Financial, partially offset by an increase in net 
yield on average earning assets and a favorable impact from higher average earning assets. 
 
At the end of the second quarter of 2018, past dues at Cat Financial were 3.16 percent, 
compared with 2.71 percent at the end of the second quarter of 2017. Write-offs, net of 
recoveries, in the second quarter of 2018 were $80 million, compared with $26 million in the 
second quarter of 2017. The increase in write-offs, net of recoveries, was primarily driven by 
a small number of customers in the Cat Power Finance portfolio and recent collection experience 
in the Latin America portfolio. 
 
As of June 30, 2018, Cat Financial's allowance for credit losses totaled $416 million, or 1.48 
percent of finance receivables, compared with $403 million, or 1.45 percent of finance 
receivables at March 31, 2018. The allowance for credit losses at year-end 2017 was $365 
million, or 1.33 percent of finance receivables. 
 
Corporate Items and Eliminations 
 
Expense for corporate items and eliminations was $471 million in the second quarter of 2018, a 
decrease of $123 million from the second quarter of 2017. Corporate items and eliminations 
include: restructuring costs; corporate-level expenses; timing differences, as some expenses 
are reported in segment profit on a cash basis; currency differences for ME&T, as segment 
profit is reported using annual fixed exchange rates; cost of sales methodology differences, as 
segments use a current cost methodology; and inter-segment eliminations. 
 
The decrease in expense was primarily due to lower restructuring costs and cost of sales 
methodology differences. Restructuring costs were $114 million in the second quarter of 2018, 
compared to $169 million in the second quarter of 2017. 
 
(more) 
 
13 
 
QUESTIONS AND ANSWERS 
 
Q1: Can you discuss changes in dealer inventories during the second quarter of 2018? 
 
A: Dealer machine and engine inventories increased about $100 million in the second quarter of 
2018, compared to a decrease of about $300 million in the second quarter of 2017. During the 
first six months of 2018, dealer machine and engine inventories increased about $1.3 billion, 
compared to a decrease of about $100 million in the first six months of 2017. 
 
Q2: Can you discuss changes to your order backlog by segment? 
 
A: At the end of the second quarter of 2018, the order backlog was $17.7 billion, about flat 
with the first quarter of 2018. Energy & Transportation's order backlog increased, while 
Construction Industries' order backlog decreased. It is not uncommon for the construction order 
backlog to decline during the second-quarter selling season. Resource Industries' order backlog 
was about flat as increased order rates were about offset by increased production and sales. 
 
Compared with the second quarter of 2017, the order backlog increased about $2.9 billion with 
increases across the three primary segments. 
 
Q3: Can you comment on expense related to your 2018 short-term incentive compensation plans and 
the impact on the 2018 outlook? 
 
A: Short-term incentive compensation expense is directly related to financial and operational 
performance, measured against targets set annually. Second-quarter 2018 expense was about $360 
million, compared to second-quarter 2017 expense of about $415 million. 
 
For the full year of 2018, across the current outlook range, short-term incentive compensation 
expense is expected to be about $1.4 billion, nearly the same as 2017. 
 
Q4: Can you give us an update on the quality of Cat Financial's asset portfolio? How are 
write-offs and past dues performing? 
 
A: Cat Financial's core asset portfolio continues to perform well overall. Write-offs, net of 
recoveries, were $80 million for the second quarter of 2018, primarily driven by a small number 
of customers in the Cat Power Finance portfolio and recent collection experience in the Latin 
America portfolio. 
 
At the end of the second quarter of 2018, past dues at Cat Financial were 3.16 percent, mostly 
impacted by higher delinquencies in the Cat Power Finance and Latin America portfolios. This is 
below the second-quarter 10-year historical average past dues of 3.52 percent. 
 
Q5: First-half 2018 sales and revenues were up 27 percent. Is this significant ramp in demand 
impacting availability? 
 
A: The sharp increase in demand has led to supply chain challenges. Although the company 
continues to see improvements in material flows, constraints remain for some parts and 
components that are impacting lead times and availability. 
 
(more) 
 
14 
 
GLOSSARY OF TERMS 
 
1. Adjusted Profit Per Share - Profit per share excluding restructuring costs for 2018 and 
2017. For 2017, adjusted profit per share also excludes a gain on the sale of an equity 
investment in IronPlanet recognized in the second quarter. 
 
2. All Other Segments - Primarily includes activities such as: business strategy, product 
management and development, manufacturing of filters and fluids, undercarriage, ground engaging 
tools, fluid transfer products, precision seals, rubber sealing and connecting components 
primarily for Cat(R) products; parts distribution; integrated logistics solutions, distribution 
services responsible for dealer development and administration including a wholly owned dealer 
in Japan, dealer portfolio management and ensuring the most efficient and effective 
distribution of machines, engines and parts; digital investments for new customer and dealer 
solutions that integrate data analytics with state-of-the-art digital technologies while 
transforming the buying experience. 
 
3. Consolidating Adjustments - Elimination of transactions between Machinery, Energy & 
Transportation and Financial Products. 
 
4. Construction Industries - A segment primarily responsible for supporting customers using 
machinery in infrastructure, forestry and building construction applications. Responsibilities 
include business strategy, product design, product management and development, manufacturing, 
marketing and sales and product support. The product portfolio includes asphalt pavers, backhoe 
loaders, compactors, cold planers, compact track and multi-terrain loaders, mini, small, medium 
and large track excavators, forestry excavators, feller bunchers, harvesters, knuckleboom 
loaders, motor graders, pipelayers, road reclaimers, site prep tractors, skidders, skid steer 
loaders, telehandlers, small and medium track-type tractors, track-type loaders, utility 
vehicles, wheel excavators, compact, small and medium wheel loaders and related parts and work 
tools. 
 
5. Currency - With respect to sales and revenues, currency represents the translation impact on 
sales resulting from changes in foreign currency exchange rates versus the U.S. dollar. With 
respect to operating profit, currency represents the net translation impact on sales and 
operating costs resulting from changes in foreign currency exchange rates versus the U.S. 
dollar. Currency only includes the impact on sales and operating profit for the Machinery, 
Energy & Transportation lines of business excluding restructuring costs; currency impacts on 
Financial Products' revenues and operating profit are included in the Financial Products' 
portions of the respective analyses. With respect to other income/expense, currency represents 
the effects of forward and option contracts entered into by the company to reduce the risk of 
fluctuations in exchange rates (hedging) and the net effect of changes in foreign currency 
exchange rates on our foreign currency assets and liabilities for consolidated results 
(translation). 
 
6. EAME - A geographic region including Europe, Africa, the Middle East and the Commonwealth of 
Independent States (CIS). 
 
7. Earning Assets - Assets consisting primarily of total finance receivables net of unearned 
income, plus equipment on operating leases, less accumulated depreciation at Cat Financial. 
 
8. Energy & Transportation - A segment primarily responsible for supporting customers using 
reciprocating engines, turbines, diesel-electric locomotives and related parts across 
industries serving Oil and Gas, Power Generation, Industrial and Transportation applications, 
including marine and rail-related businesses. Responsibilities include business strategy, 
product design, product management and development, manufacturing, marketing and sales and 
product support of turbine machinery and integrated systems and solutions and turbine-related 
services, reciprocating engine-powered generator sets, integrated systems used in the electric 

(MORE TO FOLLOW) Dow Jones Newswires

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DJ Caterpillar Inc.: Exhibit 99.1 to Form 8-K -5-

power generation industry, reciprocating engines and integrated systems and solutions for the 
marine and oil and gas industries; reciprocating engines supplied to the industrial industry as 
well as Cat machinery; the remanufacturing of Cat engines and components and remanufacturing 
services for other companies; the business strategy, product design, product management and 
development, manufacturing, remanufacturing, leasing and service of diesel-electric locomotives 
and components and other rail-related products and services and product support of on-highway 
vocational trucks for North America. 
 
9. Financial Products Segment - Provides financing alternatives to customers and dealers around 
the world for Caterpillar products, as well as financing for vehicles, power generation 
facilities and marine vessels that, in most cases, incorporate Caterpillar products. Financing 
plans include operating and finance leases, installment sale contracts, working capital loans 
and wholesale financing plans. The segment also provides insurance and risk management products 
and services that help customers and dealers manage their business risk. Insurance and risk 
management products offered include physical damage insurance, inventory protection plans, 
extended service coverage for machines and engines, and dealer property and casualty insurance. 
The various forms of financing, insurance and risk management products offered to customers and 
dealers help support the purchase and lease of our equipment. The segment also earns revenues 
from Machinery, Energy & Transportation, but the related costs are not allocated to operating 
segments. Financial Products segment profit is determined on a pretax basis and includes other 
income/expense items. 
 
10. Latin America - A geographic region including Central and South American countries and 
Mexico. 
 
(more) 
 
15 
 
11. Machinery, Energy & Transportation (ME&T) - Represents the aggregate total of Construction 
Industries, Resource Industries, Energy & Transportation, All Other Segments and related 
corporate items and eliminations. 
 
11. Machinery, Energy & Transportation Other Operating (Income) Expenses - Comprised primarily 
of gains/losses on disposal of long-lived assets, gains/losses on divestitures and legal 
settlements and accruals. Restructuring costs classified as other operating expenses on the 
Results of Operations are presented separately on the Operating Profit Comparison. 
 
12. Manufacturing Costs - Manufacturing costs exclude the impacts of currency and restructuring 
costs (see definition below) and represent the volume-adjusted change for variable costs and 
the absolute dollar change for period manufacturing costs. Variable manufacturing costs are 
defined as having a direct relationship with the volume of production. This includes material 
costs, direct labor and other costs that vary directly with production volume such as freight, 
power to operate machines and supplies that are consumed in the manufacturing process. Period 
manufacturing costs support production but are defined as generally not having a direct 
relationship to short-term changes in volume. Examples include machinery and equipment repair, 
depreciation on manufacturing assets, facility support, procurement, factory scheduling, 
manufacturing planning and operations management. 
 
13. Pension and Other Postemployment Benefit (OPEB) - The company's defined-benefit pension and 
postretirement benefit plans. 
 
14. Price Realization - The impact of net price changes excluding currency and new product 
introductions. Price realization includes geographic mix of sales, which is the impact of 
changes in the relative weighting of sales prices between geographic regions. 
 
15. Resource Industries - A segment primarily responsible for supporting customers using 
machinery in mining, quarry and aggregates, waste and material handling applications. 
Responsibilities include business strategy, product design, product management and development, 
manufacturing, marketing and sales and product support. The product portfolio includes large 
track-type tractors, large mining trucks, hard rock vehicles, longwall miners, electric rope 
shovels, draglines, hydraulic shovels, rotary drills, large wheel loaders, off-highway trucks, 
articulated trucks, wheel tractor scrapers, wheel dozers, landfill compactors, soil compactors, 
hard rock continuous mining systems, select work tools, machinery components, electronics and 
control systems and related parts. In addition to equipment, Resource Industries also develops 
and sells technology products and services to provide customers fleet management, equipment 
management analytics and autonomous machine capabilities. Resource Industries also manages 
areas that provide services to other parts of the company, including integrated manufacturing 
and research and development. 
 
16. Restructuring Costs - Primarily costs for employee separation, long-lived asset impairments 
and contract terminations. These costs are included in Other operating (income) expenses except 
for defined-benefit plan curtailment losses and special termination benefits, which are 
included in Other income (expense). Restructuring costs also include other exit-related costs 
primarily for accelerated depreciation, inventory write-downs, equipment relocation and project 
management costs and LIFO inventory decrement benefits from inventory liquidations at closed 
facilities, primarily included in Cost of goods sold. 
 
17. Sales Volume - With respect to sales and revenues, sales volume represents the impact of 
changes in the quantities sold for Machinery, Energy & Transportation as well as the 
incremental sales impact of new product introductions, including emissions-related product 
updates. With respect to operating profit, sales volume represents the impact of changes in the 
quantities sold for Machinery, Energy & Transportation combined with product mix as well as the 
net operating profit impact of new product introductions, including emissions-related product 
updates. Product mix represents the net operating profit impact of changes in the relative 
weighting of Machinery, Energy & Transportation sales with respect to total sales. The impact 
of sales volume on segment profit includes inter-segment sales. 
 
(more) 
 
16 
 
NON-GAAP FINANCIAL MEASURES 
 
The following definitions are provided for the non-GAAP financial measures used in this report. 
These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and 
therefore are unlikely to be comparable to the calculation of similar measures for other 
companies. Management does not intend these items to be considered in isolation or as a 
substitute for the related GAAP measures. 
 
Adjusted Profit Per Share 
 
The company believes it is important to separately quantify the profit impact of two special 
items in order for the company's results to be meaningful to readers. These items consist of 
restructuring costs, which are incurred in the current year to generate longer-term benefits, 
and a gain on sale of an equity investment in the second quarter of 2017. The company does not 
consider these items indicative of earnings from ongoing business activities and believes the 
non-GAAP measure provides investors with useful perspective on underlying business results and 
trends and aids with assessing the company's period-over-period results. 
 
Reconciliations of adjusted profit per share to the most directly comparable GAAP measure, 
diluted profit per share, are as follows: 
 
Machinery, Energy & Transportation 
 
Caterpillar defines Machinery, Energy & Transportation as it is presented in the supplemental 
data as Caterpillar Inc. and its subsidiaries with Financial Products accounted for on the 
equity basis. Machinery, Energy & Transportation information relates to the design, manufacture 
and marketing of Caterpillar products. Financial Products' information relates to the financing 
to customers and dealers for the purchase and lease of Caterpillar and other equipment. The 
nature of these businesses is different, especially with regard to the financial position and 
cash flow items. Caterpillar management utilizes this presentation internally to highlight 
these differences. The company also believes this presentation will assist readers in 
understanding Caterpillar's business. Pages 20-25 reconcile Machinery, Energy & Transportation 
with Financial Products on the equity basis to Caterpillar Inc. consolidated financial 
information. 
 
Caterpillar's latest financial results and outlook are also available via: 
 
Telephone: 800-228-7717 (Inside the United States and Canada) 
858-764-9492 (Outside the United States and Canada) 
Internet: 
 
http://www.caterpillar.com/en/investors.html [5] 
 
http://www.caterpillar.com/en/investors/quarterly-results.html [6] (live broadcast/replays of 
quarterly conference call) Caterpillar contact: Corrie Scott, 224-551-4133 (Office), 
808-351-3865 (Mobile) or [4] Scott Corrie@cat.com 
 
(more) 
 
17 
 
Caterpillar Inc. 
Condensed Consolidated Statement of Results of Operations 
(Unaudited) 
(Dollars in millions except per share data) 
 
Sales and         Three Months Ended June    Six Months Ended 
revenues:         30,                            June 30, 
 
                         2018 2017               2018 2017 
 
Sales of              $ 13,279    $ 10,639   $ 25,429   $ 19,769 
Machinery, Energy 
& Transportation 
Revenues of                732         692      1,441      1,384 
Financial 
Products 
Total sales and         14,011      11,331     26,870     21,153 
revenues 
Operating costs: 
Cost of goods            9,422       7,816     17,988     14,617 
sold 
Selling, general         1,440       1,304      2,716      2,365 
and 
administrative 
expenses 
Research and               462         458        905        883 
development 
expenses 
Interest expense           182         162        348        321 
of Financial 
Products 
Other operating            338         407        638      1,403 
(income) expenses 

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Total operating         11,844      10,147     22,595     19,589 
costs 
Operating profit         2,167       1,184      4,275      1,564 
Interest expense           102         121        203        244 
excluding 
Financial 
Products 
Other income               121          96        248        128 
(expense) 
Consolidated             2,186       1,159      4,320      1,448 
profit before 
taxes 
Provision                  490         361        962        451 
(benefit) for 
income taxes 
Profit of                1,696         798      3,358        997 
consolidated 
companies 
Equity in profit             9           5         14          - 
(loss) of 
unconsolidated 
affiliated 
companies 
Profit of                1,705         803      3,372        997 
consolidated and 
affiliated 
companies 
Less: Profit               (2)           1          -          3 
(loss) 
attributable to 
noncontrolling 
interests 
Profit 1               $ 1,707       $ 802    $ 3,372      $ 994 
 
Profit per common       $ 2.86      $ 1.36     $ 5.65     $ 1.69 
share 
Profit per common       $ 2.82      $ 1.35     $ 5.56     $ 1.67 
share - diluted 2 
Weighted-average 
common shares 
outstanding 
(millions) 
- Basic                  596.2       590.2      597.0      588.8 
- Diluted 2              604.2       595.4      606.1      594.4 
Cash dividends          $ 1.64      $ 1.55     $ 1.64     $ 1.55 
declared per 
common share 
 
1 Profit attributable to common shareholders. 
 
2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock 
method. 
 
(more) 
 
18 
 
Caterpillar Inc. 
Condensed Consolidated Statement of Financial Position 
(Unaudited) 
(Millions of dollars) 
 
Assets                         June 30,         December 31, 
 
Current assets:                  2018               2017 
 
Cash and short-term 
investments 
 
Receivables - trade and 
other 
 
Receivables - finance 
 
Prepaid expenses and 
other current assets 
 
Inventories 
 
Total current assets 
                          $ 8,654 7,991    $ 8,261 7,436 8,757 
                            8,906 1,835      1,772 10,018 
                            11,255 
                                    38,641               36,244 
Property, plant and                 13,752               14,155 
equipment - net 
Long-term receivables -              1,084                  990 
trade and other 
Long-term receivables -             13,318               13,542 
finance 
Noncurrent deferred and              1,626                1,693 
refundable income taxes 
Intangible assets                    2,039                2,111 
Goodwill                             6,249                6,200 
Other assets                         2,278                2,027 
Total assets              $         78,987 $             76,962 
Liabilities 
Current liabilities: 
Short-term borrowings: 
Machinery, Energy &       $             35 $                  1 
Transportation 
Financial Products                   6,185                4,836 
Accounts payable                     6,831                6,487 
Accrued expenses                     3,450                3,220 
Accrued wages, salaries              1,789                2,559 
and employee benefits 
Customer advances                    1,378                1,426 
Dividends payable                      511                  466 
Other current liabilities            1,871                1,742 
Long-term debt due within 
one year: 
Machinery, Energy &                      9                    6 
Transportation 
Financial Products                   6,241                6,188 
Total current liabilities           28,300               26,931 
Long-term debt due after 
one year: 
Machinery, Energy &                  7,982                7,929 
Transportation 
Financial Products                  15,717               15,918 
Liability for                        8,092                8,365 
postemployment benefits 
Other liabilities                    3,954                4,053 
Total liabilities                   64,045               63,196 
Shareholders' equity 
Common stock                         5,746                5,593 
Treasury stock                    (18,028)             (17,005) 
Profit employed in the              28,657               26,301 
business 
Accumulated other                  (1,496)              (1,192) 
comprehensive income 
(loss) 
Noncontrolling interests                63                   69 
Total shareholders'                 14,942               13,766 
equity 
Total liabilities and     $         78,987 $             76,962 
shareholders' equity 
 
(more) 
 
19 
 
Caterpillar Inc. 
Condensed Consolidated Statement of Cash Flow 
(Unaudited) 
(Millions of dollars) 
 
Cash flow from operating                  Six Months Ended 
activities:                                   June 30, 
 
                                             2018 2017 
 
Profit of consolidated and        $      3,372        $      997 
affiliated companies 
Adjustments for non-cash items: 
Depreciation and amortization            1,367             1,430 
Other                                      446               490 
Changes in assets and 
liabilities, net of acquisitions 
and divestitures: 
Receivables - trade and other            (703)             (442) 
Inventories                            (1,208)             (688) 
Accounts payable                           545             1,113 
Accrued expenses                          (31)               251 
Accrued wages, salaries and              (768)               641 
employee benefits 
Customer advances                         (54)               374 
Other assets - net                         174             (280) 
Other liabilities - net                   (57)                38 
Net cash provided by (used for)          3,083             3,924 
operating activities 
Cash flow from investing 
activities: 
Capital expenditures - excluding         (645)             (371) 
equipment leased to others 
Expenditures for equipment leased        (883)             (753) 
to others 
Proceeds from disposals of leased          539               563 
assets and property, plant and 
equipment 
Additions to finance receivables       (6,143)           (5,264) 
Collections of finance                   5,405             5,508 
receivables 
Proceeds from sale of finance              124                83 
receivables 
Investments and acquisitions (net        (348)              (21) 
of cash acquired) 
Proceeds from sale of businesses            12                91 
and investments (net of cash 
sold) 
Proceeds from sale of securities           168               187 
Investments in securities                (318)             (207) 
Other - net                                 21                25 
Net cash provided by (used for)        (2,068)             (159) 
investing activities 
Cash flow from financing 
activities: 
Dividends paid                           (933)             (906) 
Common stock issued, including             256                83 
treasury shares reissued 
Common shares repurchased              (1,250)                 - 
Proceeds from debt issued                4,307             4,868 
(original maturities greater than 
three months) 
Payments on debt (original             (4,436)           (4,228) 
maturities greater than three 
months) 
Short-term borrowings - net              1,487             (505) 
(original maturities three months 
or less) 
Other - net                                (4)               (6) 
Net cash provided by (used for)          (573)             (694) 
financing activities 
Effect of exchange rate changes           (68)                13 
on cash 
Increase (decrease) in cash and            374             3,084 
short-term investments and 
restricted cash 
Cash and short-term investments          8,320             7,199 
and restricted cash at beginning 
of period 
Cash and short-term investments   $      8,694        $   10,283 
and restricted cash at end of 
period 
 
(more) 
 
20 
 
Caterpillar Inc. 
Supplemental Data for Results of Operations 
For the Three Months Ended June 30, 2018 
(Unaudited) 
(Millions of dollars) 
 
Sales and      Consolidated         Supplemental Consolidating Data 
revenues: 
 
Sales of 
Machinery, 
Energy & 
Transportati 
on 
                              Machinery,        Financial     Consolidating 
                               Energy &         Products      Adjustments 
                            Transportation 
                                   1 
                $ 13,279       $ 13,279      $            - $             - 
Revenues of             732               -           849           (117) 2 
Financial 
Products 
Total sales          14,011          13,279           849             (117) 
and revenues 
Operating 
costs: 
Cost of               9,422           9,422             -     - 
goods sold 
Selling,              1,440           1,223           223                 3 
general and 
administrati 
ve expenses 
                                                              (6) 
Research and            462             462             -     - 
development 
expenses 
Interest                182               -           191                 4 
expense of 
Financial 
Products 
                                                              (9) 
Other                   338              38           306     (6) 3 
operating 
(income) 
expenses 
Total                11,844          11,145           720     (21) 
operating 
costs 
Operating             2,167           2,134           129     (96) 
profit 
Interest                102             111             -     (9) 4 
expense 
excluding 
Financial 
Products 
Other income            121              27             7     87 5 
(expense) 
Consolidated          2,186           2,050           136     - 
profit 
before taxes 
Provision               490             457            33     - 
(benefit) 
for income 
taxes 
Profit of             1,696           1,593           103     - 
consolidated 
companies 

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