In This Story
Caterpillar Inc. (CAT-0.28%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total sales and revenues of $64.809 billion for 2024, a decrease of 3% from $67.060 billion in 2023. This decline is attributed to lower sales volume, partially offset by favorable price realization.
Operating profit for the year was $13.072 billion, representing 20.2% of sales and revenues, compared to $12.966 billion or 19.3% in 2023. The adjusted operating profit margin was 20.7%, up from 20.5% in the previous year.
Profit per share for 2024 was $22.05, and adjusted profit per share was $21.90. This compares to a profit per share of $20.12 and adjusted profit per share of $21.21 in 2023.
Caterpillar reported a net income of $10.792 billion for 2024, up from $10.335 billion in 2023. The increase in profit was driven by favorable price realization and lower manufacturing costs, despite a decrease in sales volume.
The Construction Industries segment reported sales of $25.455 billion, down 7% from 2023, primarily due to lower sales volume.
Resource Industries' sales were $12.389 billion, a 9% decrease from the previous year, attributed to lower sales volume, partially offset by favorable price realization.
Energy & Transportation sales increased by 3% to $28.854 billion, driven by favorable price realization and increased sales in power generation applications.
The Financial Products segment reported revenues of $4.053 billion, a 7% increase from 2023, primarily due to higher average financing rates and earning assets.
Caterpillar's effective tax rate for 2024 was 19.7%, compared to 21.3% in 2023. The decrease was largely due to a discrete tax benefit related to a tax law change.
The company ended the year with $6.9 billion in cash and cash equivalents, a slight decrease from $7.0 billion at the end of 2023.
Caterpillar's total debt was $38.41 billion as of December 31, 2024, an increase of $531 million from the previous year, primarily due to portfolio funding requirements.
The filing also details various financial agreements, including a share repurchase authorization of up to $20.0 billion, effective June 12, 2024, with no expiration.
Looking forward, Caterpillar anticipates slightly lower sales and revenues in 2025 compared to 2024, with lower sales expected in Construction and Resource Industries, partially offset by higher sales in Energy & Transportation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Caterpillar Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.