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CATERPILLAR INC.

(CAT)
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Caterpillar Inc. : Files Form 8-K Earnings Release and Retail Statistics - Exhibit 99.1 & 99.2 FQE 30 June 2021

07/30/2021 | 09:04am EDT
Caterpillar Inc. 
Caterpillar Inc.: Files Form 8-K Earnings Release and Retail Statistics - Exhibit 99.1 & 99.2 FQE 30 June 2021 
30-Jul-2021 / 15:02 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 2021 Earnings Release 
 
July 30, 2021 
 
FOR IMMEDIATE RELEASE 
 

Caterpillar Reports Second-Quarter 2021 Results

                                           Second Quarter 
(USD in billions except profit per share)    2021   2020 
Sales and Revenues                         USD12.9  USD10.0 
Profit Per Share                           USD2.56  USD0.84 
Adjusted Profit Per Share                  USD2.60  USD1.27 
?             Second-quarter 2021 sales and revenues increased 29% to USD12.9 billion 
?             Second-quarter 2021 profit per share of USD2.56; adjusted profit per share of USD2.60 
?             Strong balance sheet; returned USD0.8 billion to shareholders through dividends and share repurchases 

DEERFIELD, Ill. - Caterpillar Inc. (NYSE: CAT) today announced second-quarter 2021 sales and revenues of USD12.9 billion, a 29% increase compared with USD10.0 billion in the second quarter of 2020. The increase was primarily due to higher sales volume driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories. Dealers decreased their inventories more during the second quarter of 2020 than during the second quarter of 2021.

Operating profit margin was 13.9% for the second quarter of 2021, compared with 7.8% for the second quarter of 2020. Second-quarter 2021 profit per share was USD2.56, compared with USD0.84 profit per share in the second quarter of 2020. Adjusted profit per share in the second quarter of 2021 was USD2.60, compared with second-quarter 2020 adjusted profit per share of USD1.27. Adjusted profit per share for both quarters excluded restructuring costs, while the second quarter of 2020 also excluded remeasurement losses of USD0.19 per share, resulting from the settlements of pension obligations. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 13.

For the first half of 2021, enterprise operating cash flow was USD4.0 billion. In total, the company returned USD0.8 billion to shareholders in the quarter, after increasing the dividend and reinstating share repurchases. The company ended the period with USD10.8 billion of enterprise cash.

"Our dedicated global team remains focused on serving our customers, executing our strategy and investing for future profitable growth," said Caterpillar Chairman and CEO Jim Umpleby. "We're encouraged by higher sales and revenues across all regions and in our three primary segments, which reflect continued improvement in our end markets."

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 2020 (at left) and the second quarter of 2021 (at right). Caterpillar management utilizes these charts internally to visually communicate with the company's Board of Directors and employees.

Total sales and revenues for the second quarter of 2021 were USD12.889 billion, an increase of USD2.892 billion, or 29%, compared with USD9.997 billion in the second quarter of 2020. The increase was primarily due to higher sales volume driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories. Dealers decreased inventories by USD1.4 billion during the second quarter of 2020, compared with a decrease of USD400 million during the second quarter of 2021. Favorable currency impacts were related to the Australian dollar, euro and Chinese yuan. Favorable price realization also contributed to the sales improvement.

Sales were higher across all regions and in the three primary segments.

Sales and Revenues by Segment 
                      Second         Sales        Price                    Inter-Segment   Second         USD            % 
(Millions of dollars) Quarter 2020                              Currency   / Other         Quarter 2021 
                                     Volume       Realization                                             Change       Change 
 
Construction          USD 4,048        USD 1,171      USD 238         USD 162      USD  37           USD 5,656        USD 1,608      40% 
Industries 
Resource Industries   1,826          712          (17)          66         (8)             2,579          753          41% 
Energy &              4,149          456          12            111        247             4,975          826          20% 
Transportation 
All Other Segment     115            4            -             2          7               128            13           11% 
Corporate Items and   (828)          (34)         -             -          (283)           (1,145)        (317) 
Eliminations 
Machinery, Energy &   9,310          2,309        233           341        -               12,193         2,883        31% 
Transportation 
 
Financial Products    763            -            -             -          11              774            11           1% 
Segment 
Corporate Items and   (76)           -            -             -          (2)             (78)           (2) 
Eliminations 
Financial Products    687            -            -             -          9               696            9            1% 
Revenues 
 
Consolidated Sales    USD 9,997        USD 2,309      USD 233         USD 341      USD  9            USD 12,889       USD 2,892      29% 
and Revenues 
 
Sales and Revenues by Geographic Region 
                          North America       Latin America       EAME                 Asia/Pacific       External Sales and     Inter-Segment    Total Sales and 
                                                                                                          Revenues                                Revenues 
(Millions of dollars)     USD            %      USD            %      USD            % Chg   USD            %     USD              % Chg   USD         %      USD             % Chg 
                                       Chg                 Chg                                      Chg                                    Chg 
Second Quarter 2021 
Construction Industries   USD 2,498      56%    USD 430        103%   USD 1,291      38%     USD 1,384      8%    USD 5,603        39%     USD 53      231%   USD 5,656       40% 
Resource Industries       799          58%    487          80%    525          39%     660          19%   2,471          45%     108       (7%)   2,579         41% 
Energy & Transportation   1,992        10%    250          27%    1,196        29%     682          14%   4,120          16%     855       41%    4,975         20% 
All Other Segment         11           57%    1            -%     4            (20%)   18           20%   34             21%     94        8%     128           11% 
Corporate Items and       (31)                (1)                 (1)                  (2)                (35)                   (1,110)            (1,145) 
Eliminations 
Machinery, Energy &       5,269        34%    1,167        72%    3,015        34%     2,742        12%   12,193         31%     -         -%     12,193        31% 
Transportation 
 
Financial Products        488          (1%)   65           8%     96           -%      125          10%   774            1%      -         -%     774           1% 
Segment 
Corporate Items and       (38)                (11)                (9)                  (20)               (78)                   -                (78) 
Eliminations 
Financial Products        450          -%     54           6%     87           -%      105          6%    696            1%      -         -%     696           1% 
Revenues 
 
Consolidated Sales and    USD 5,719      30%    USD 1,221      67%    USD 3,102      33%     USD 2,847      12%   USD 12,889       29%     USD -       -%     USD 12,889      29% 
Revenues 
 
Second Quarter 2020 
Construction Industries   USD 1,604             USD 212               USD 933                USD 1,283            USD 4,032                USD 16             USD 4,048 
Resource Industries       507                 270                 379                  554                1,710                  116              1,826 
Energy & Transportation   1,816               197                 929                  599                3,541                  608              4,149 
All Other Segment         7                   1                   5                    15                 28                     87               115 
Corporate Items and       2                   (1)                 -                    (2)                (1)                    (827)            (828) 
Eliminations 
Machinery, Energy &       3,936               679                 2,246                2,449              9,310                  -                9,310 
Transportation 
 
Financial Products        493                 60                  96                   114                763                    -                763 
Segment 
Corporate Items and       (43)                (9)                 (9)                  (15)               (76)                   -                (76) 
Eliminations 
Financial Products        450                 51                  87                   99                 687                    -                687 
Revenues 
 
Consolidated Sales and    USD 4,386             USD 730               USD 2,333              USD 2,548            USD 9,997                USD -              USD 9,997 
Revenues 
 

Consolidated Operating Profit

(MORE TO FOLLOW) Dow Jones Newswires

July 30, 2021 09:02 ET (13:02 GMT)

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Financials (USD)
Sales 2021 50 491 M - -
Net income 2021 5 369 M - -
Net Debt 2021 25 600 M - -
P/E ratio 2021 20,9x
Yield 2021 2,11%
Capitalization 111 B 111 B -
EV / Sales 2021 2,71x
EV / Sales 2022 2,43x
Nbr of Employees 97 300
Free-Float 67,1%
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Number of Analysts 27
Last Close Price 203,60 $
Average target price 233,47 $
Spread / Average Target 14,7%
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Managers and Directors
Donald James Umpleby Chairman & Chief Executive Officer
Andrew Robert John Bonfield Chief Financial Officer
Karl E. Weiss Chief Technology Officer
Jamie Engstrom Chief Information Officer & Vice president
Eric A. Braun Chief Compliance Officer