Caterpillar's Q3 earnings call reflected mixed results, with strong cash flow and shareholder returns contrasted by declines in sales and revenues, particularly in Construction and Resource Industries. Energy & Transportation showed robust growth, supporting optimism for future demand. Despite competitive pressures and regional weaknesses, the company remains focused on executing its strategy for long-term profitable growth.

Company Guidance

During the third quarter of 2024, Caterpillar reported a 4% decline in sales and revenues to $16.1 billion, attributed largely to a 6% decrease in overall sales to users, particularly a 10% drop in machine sales. Despite this, the company maintained an adjusted operating profit margin of 20% and achieved an adjusted profit per share of $5.17, aligning with expectations. Caterpillar's ME&T (Machinery, Energy & Transportation) free cash flow was robust at $2.7 billion for the quarter, contributing to a year-to-date total of $6.4 billion. The backlog increased marginally to $28.7 billion, indicating sustained demand. For the full year, Caterpillar anticipates adjusted operating profit margin to exceed the top of the target range, with adjusted profit per share remaining unchanged from prior guidance, and ME&T free cash flow expected near the top of their $5 billion to $10 billion target range.

Strong ME&T Free Cash Flow

Generated ME&T free cash flow of $2.7 billion in Q3 and $6.4 billion year-to-date. Expecting full-year cash flow to be near the top of the $5 billion to $10 billion target range.

Shareholder Returns

Deployed over $9 billion to shareholders through share repurchases and dividends in the first three quarters of 2024, including $1.5 billion in Q3.

Energy & Transportation Growth

Energy & Transportation sales increased by 5% in Q3, with power generation sales up 26% driven by data center growth and demand for solar turbines.

Increased Backlog

Backlog increased slightly to $28.7 billion, with significant contributions from Energy & Transportation.

Strategic Investments

Announced additional investments to expand large engine volume output capability to more than 125% compared to 2023, driven by demand from data centers and distributed power generation.

---

Caterpillar (CAT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

CAT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jan 29, 2025	2024 (Q4)	5.06 / -	5.23	―	―	―
Oct 30, 2024	2024 (Q3)	5.35 / 5.17	5.52	-6.34% (-0.35)
Aug 06, 2024	2024 (Q2)	5.56 / 5.99	5.55	7.93% (+0.44)
Apr 25, 2024	2024 (Q1)	5.14 / 5.60	4.91	14.05% (+0.69)
Feb 05, 2024	2023 (Q4)	4.76 / 5.23	3.86	35.49% (+1.37)
Oct 31, 2023	2023 (Q3)	4.80 / 5.52	3.95	39.75% (+1.57)
Aug 01, 2023	2023 (Q2)	4.57 / 5.55	3.18	74.53% (+2.37)
Apr 27, 2023	2023 (Q1)	3.80 / 4.91	2.88	70.49% (+2.03)
Jan 31, 2023	2022 (Q4)	4.02 / 3.86	2.69	43.49% (+1.17)
Oct 27, 2022	2022 (Q3)	3.16 / 3.95	2.66	48.50% (+1.29)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

---

CAT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 30, 2024	$387.51	$379.24	-2.13%
Aug 06, 2024	$315.66	$325.27	+3.04%
Apr 25, 2024	$360.75	$335.42	-7.02%
Feb 05, 2024	$311.55	$317.79	+2.00%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

---