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Caterpillar Inc.
Caterpillar Inc.: Reports First-Quarter 2019 Results - Exhibit 99.1
29-Apr-2019 / 23:50 CET/CEST
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Exhibit 99.1
Caterpillar Inc.
1Q 2019 Earnings Release
April 24, 2019
FOR IMMEDIATE RELEASE
Caterpillar Reports First-Quarter 2019 Results
Achieved Record First-Quarter Profit Per Share on Higher Sales and Revenues
First Quarter
($ in billions 2019 2018 - First-quarter sales
except profit and revenues
per share) increased 5%
- Record
first-quarter
profit per share
Sales and $13.5 $12.9 - Profit per share
Revenues outlook now $12.06
to $13.06 due to a
first-quarter
discrete tax
benefit of $0.31
per share
Profit Per $3.25 $2.74
Share
- Repurchased $751
million in company
stock
DEERFIELD, Ill. - Caterpillar Inc. (NYSE: CAT) today announced first-quarter 2019 sales and revenues of $13.5 billion, compared with $12.9 billion
in the first quarter of 2018, a 5% increase. First-quarter 2019 profit of $3.25 per share was a first-quarter record. This was a 19% increase
compared with the previous record first-quarter profit per share of $2.74 in 2018.
Profit per share in the first quarter of 2019 included a discrete tax benefit related to U.S. tax reform of $178 million, or $0.31 per share.
Profit per share in the first quarter of 2018 included restructuring costs of $0.08 per share.
During the first quarter of 2019, Machinery, Energy & Transportation (ME&T) operating cash flow was $860 million. In the first quarter of 2019,
the company repurchased $751 million of Caterpillar common stock and paid dividends of $494 million. The enterprise cash balance at the end of the
first quarter of 2019 was $7.1 billion.
"The global Caterpillar team delivered record first-quarter profit per share," said Caterpillar Chairman and CEO Jim Umpleby. "We are executing
our strategy for profitable growth by investing in services, expanding our offerings and improving operational excellence."
2019 Outlook
The company continues to have confidence in the fundamentals of its diverse end markets, and expectations for 2019 performance are unchanged.
However, due to a $0.31 per share discrete tax benefit, Caterpillar is revising its profit per share outlook to a range of $12.06 to $13.06,
compared with the previous outlook range of $11.75 to $12.75. The first-quarter discrete tax benefit of $178 million, or $0.31 per share, is
related to U.S. tax reform as a result of final regulations recently issued by the U.S. Treasury. The outlook does not include a mark-to-market
gain or loss for remeasurement of pension and other postemployment benefit plans, which will be excluded from adjusted profit per share in the
fourth quarter of 2019 along with any other discrete items.
CONSOLIDATED RESULTS
Consolidated Sales and Revenues
The chart above graphically illustrates reasons for the change in Consolidated Sales and Revenues between the first quarter of 2018 (at left) and
the first quarter of 2019 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of
Directors and employees.
Total sales and revenues of $13.466 billion in the first quarter of 2019, increased $607 million, or 5%, compared with $12.859 billion in the
first quarter of 2018. The increase was primarily due to higher sales volume driven by improved demand for both equipment and services, with the
most significant increase in Resource Industries. Sales volume also increased in Construction Industries, while Energy & Transportation was about
flat. Sales grew in all regions except for EAME, with the largest gains in North America and Asia/Pacific. Favorable price realization, primarily
in Construction Industries and Resource Industries, also contributed to the sales improvement. The increase was partially offset by unfavorable
currency impacts due to a stronger U.S. dollar.
Sales and Revenues by Segment
(Millions of First Sales Price Currency Inter-Segment / First $ %
dollars) Quarter Other Quarter
2018 2019
Volume Realization Change Change
Construction $ 5,6 $ 164 $ 156 $ (127 ) $ 3 $ 5,8 $ 196 3%
Industries.. 77 73
......
Resource 2,309 371 110 (42 ) (21 ) 2,727 418 18%
Industries..
........
Energy & 5,219 21 27 (91 ) 34 5,210 (9 ) -%
Transportati
on.......
All Other 116 1 - (1 ) 5 121 5 4%
Segment.....
......
Corporate (1,17 ) (14 ) (1 ) - (21 ) (1,20 ) (36 )
Items and 1 7
Eliminations
..
Machinery, $ 12, $ 543 $ 292 $ (261 ) $ - $ 12, $ 574 5%
Energy & 150 724
Transportati
on
Financial $ 793 $ - $ - $ - $ 57 $ 850 $ 57 7%
Products
Segment.....
Corporate (84 ) - - - (24 ) (108 ) (24 )
Items and
Eliminations
..
Financial $ 709 $ - $ - $ - $ 33 $ 742 $ 33 5%
Products
Revenues...
Consolidated $ 12, $ 543 $ 292 $ (261 ) $ 33 $ 13, $ 607 5%
Sales and 859 466
Revenues
Sales and Revenues by Geographic Region
North Latin EAME Asia/Pacific External Inter-Segment Total
America America Sales and Sales and
Revenues Revenues
(Millions of $ % Chg $ % $ % Chg $ % $ % $ % Chg $ %
dollars) Chg Chg Chg Chg
First
Quarter 2019
Construction $ 2, 13% $ 319 (7%) $ 1, (6%) $ 1,5 (4%) $ 5, 3% $ 21 17% $ 5, 3%
Industries.. 96 00 62 85 87
..... 5 6 2 3
Resource 951 19% 423 18% 468 (10%) 805 52% 2,64 20% 80 (21%) 2,72 18%
Industries.. 7 7
......
Energy & 2,15 (3%) 332 19% 1,03 (5%) 718 6% 4,23 (1%) 977 4% 5,21 -%
Transportati 1 2 3 0
on......
All Other 8 (47%) - -% 11 175% 18 -% 37 -% 84 6% 121 4%
Segment.....
....
Corporate (41 ) 1 (3 ) (2 ) (45 ) (1,162 ) (1,2 )
Items and 07
Eliminations
..
Machinery, 6,03 7% 1,075 9% 2,51 (6%) 3,101 9% 12,7 5% - -% 12,7 5%
Energy & 4 4 24 24
Transportati
on
Financial 558 9% 70 (5%) 102 1% 120 13% 850 7% - -% 850 7%
Products
Segment....
Corporate (69 ) (11 ) (9 ) (19 ) (108 ) - (108 )
Items and
Eliminations
..
Financial 489 6% 59 (3%) 93 (3%) 101 13% 742 5% - -% 742 5%
Products
Revenues...
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April 29, 2019 17:52 ET (21:52 GMT)
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