Earnings Overview
Caterpillar Inc. disclosed a 5% year-over-year decline in its fourth-quarter sales, totaling $16.2 billion. Despite the sales downturn, the company witnessed a 4% annual increase in profit, reaching $2.8 billion, and a 9.4% rise in diluted earnings per share (EPS) to $5.78.
Annual Financial Performance
The year 2024 saw Caterpillar's revenue decrease by 3.9% compared to 2023, settling at $61.9 billion. However, profit experienced a 4.9% growth, amounting to $10.8 billion, with a 10% improvement in diluted EPS to $22.05.
Leadership's Perspective
"As we embark on our centennial year, our dedication to our customers, strategic execution, and investments for long-term profitable growth remains unwavering," stated CEO Jim Umpleby.
Market Reaction
Following the earnings announcement, Caterpillar's shares witnessed a 3.11% decline in premarket trading.
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