Caterpillar Q3 Earnings: Revenue Falls Short Of Expectations, CEO Anticipates Muted China Demand
Caterpillar Q3 Earnings: Revenue Falls Short Of Expectations, CEO Anticipates Muted China Demand
The sales decrease was mainly due to a $759 million drop in sales volume, driven by lower equipment sales to end users and a smaller increase in dealer inventories compared to the third quarter of 2023.Caterpillar Inc. (NYSE:CAT) shares are trading lower after the company reported worse-than-expected third-quarter results.
卡特彼勒公司 (紐交所: CAT) 股票在公司報告不及預期的第三季度業績後交投走低。
Total sales and revenue for the quarter declined 4% year-over-year to $16.106 billion, missing the consensus of $16.284 billion.
本季度的總銷售額和營收同比下降4%，至161.06億美元，低於162.84億美元的共識。
CAT's adjusted earnings were $5.17 per share, compared to $5.52 a year ago and below the consensus of $5.36.
CAT的調整後每股盈利爲5.17美元，去年爲5.52美元，低於5.36美元的共識。
The sales decrease was mainly due to a $759 million drop in sales volume, driven by lower equipment sales to end users and a smaller increase in dealer inventories compared to the third quarter of 2023.
銷售額下降主要是由於銷售量減少75900萬美元，主要是由於較低的設備銷售給最終用戶和經銷商庫存增長比2023年第三季度較小所致。
Operating profit decreased 9% to $3.147 billion, primarily due to a $372 million impact from lower sales volume, partially offset by $104 million in favorable price realization.
營業利潤下降9%，主要是由於銷售量減少37200萬美元的影響，部分被有利價格實現減少10400萬美元抵消。
Operating profit margin was 19.5%, down 100 bps YoY. Adjusted operating profit margin was 20% for the quarter, compared with 20.8% a year ago.
營業利潤率爲19.5%，同比下降100個點子。本季度調整後的營業利潤率爲20%，與去年的20.8%相比。
Enterprise operating cash flow was $3.6 billion, and the company ended the third quarter with $5.6 billion of enterprise cash. CAT deployed $0.8 billion of cash for repurchases of common stock and $0.7 billion of cash for dividends.
企業營運現金流爲36億美元，公司第三季度末企業現金爲56億美元。CAT用於普通股回購的現金爲8億美元，用於分紅的現金爲7億美元。
Machinery, Energy & Transportation segment revenue declined 4.7% YoY, with Construction Industries down 9%, Resource Industries down 10%, Energy & Transportation up 5%, and Other Segments down 13%.
機械、能源和運輸板塊的營收同比下降4.7%，其中施工行業下降9%，資源行業下降10%，能源和運輸增長5%，其他板塊下降13%。
Outlook: Caterpillar expects fouth-quarter sales and revenues to be slightly lower than prior year, with machine sales to end users declining. Dealer inventory levels are expected to match year-end 2023.
展望：卡特彼勒預計第四季度銷售額和收入將略低於去年同期，機械銷售給最終用戶的銷量將有所下降。經銷商庫存水平預計將與2023年年底持平。
Adjusted operating profit margin for the fourth quarter is anticipated to be lower than the third quarter due to seasonality but modestly higher than the same period in 2023.
預計第四季度調整後的營業利潤率將低於第三季度，因季節性原因而略高於2023年同期。
Caterpillar CEO said in the conference call that he anticipates demand in China will remain at a relatively low level for the above 10-pound excavator industry; in North America, government-related new infrastructure projects are expected to remain healthy.
卡特彼勒CEO在電話會議中表示，他預計中國市場對於超過10噸挖掘機行業的需求將保持在相對低水平；而在北美，與政府相關的新基礎設施項目預計將保持健康。
Price Action: CAT is trading lower by 2.94% at $376.11 premarket at the last check Wednesday.
價格走勢：CAt在最後一次週三的盤前交易中以376.11美元的價格下跌了2.94%。
Photo via Shutterstock
圖片來自shutterstock。
譯文內容由第三人軟體翻譯。
