SECOND-QUARTER 2017 FINANCIAL REVIEW. July 25, 2017
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1 SECOND-QUARTER 2017 FINANCIAL REVIEW July 25, 2017
2 FORWARD-LOOKING STATEMENTS Forward-looking Statements Certain statements in this financial review relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Words such as believe, estimate, will be, will, would, expect, anticipate, plan, project, intend, could, should or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements. Caterpillar s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) our ability to develop, produce and market quality products that meet our customers needs; (vi) the impact of the highly competitive environment in which we operate on our sales and pricing; (vii) information technology security threats and computer crime; (viii) additional restructuring costs or a failure to realize anticipated savings or benefits from past or future cost reduction actions; (ix) failure to realize all of the anticipated benefits from initiatives to increase our productivity, efficiency and cash flow and to reduce costs; (x) inventory management decisions and sourcing practices of our dealers and our OEM customers; (xi) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xii) union disputes or other employee relations issues; (xiii) adverse effects of unexpected events including natural disasters; (xiv) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xv) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xvi) our Financial Products segment s risks associated with the financial services industry; (xvii) changes in interest rates or market liquidity conditions; (xviii) an increase in delinquencies, repossessions or net losses of Cat Financial s customers; (xix) currency fluctuations; (xx) our or Cat Financial s compliance with financial and other restrictive covenants in debt agreements; (xxi) increased pension plan funding obligations; (xxii) alleged or actual violations of trade or anti-corruption laws and regulations; (xxiii) international trade policies and their impact on demand for our products and our competitive position; (xxiv) additional tax expense or exposure; (xxv) significant legal proceedings, claims, lawsuits or government investigations; (xxvi) new regulations or changes in financial services regulations; (xxvii) compliance with environmental laws and regulations; and (xxviii) other factors described in more detail in Caterpillar s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission. A reconciliation of non-gaap financial information referenced in this presentation can be found in our press release describing 2017 second-quarter financial results which is available on our website at 2
3 SECOND-QUARTER 2017 Strong Second Quarter Sales and revenues up $1.0 billion from a year ago Strong operational performance and operating cash flow Raised full-year 2017 sales and revenues and profit outlook 3
4 SECOND-QUARTER 2017 FINANCIAL RESULTS Sales and Revenues (in billions of dollars) $10.3 $11.3 $11.3 Profit Per Share (in dollars) $0.93 Adjusted Profit Per Share (in dollars) $1.35 $1.49 $1.35 $ $ Excluding restructuring costs 2 Excluding restructuring costs and gain on sale of equity investment in IronPlanet 4
5 CONSOLIDATED OPERATING PROFIT Second-Quarter 2017 vs. Second-Quarter 2016 $1,600 $1,400 $1, (237) 8 13 (30) (10) 1,251 Results Higher sales volume, including favorable mix of products $1,000 Improved price realization ($ in Millions) $800 $600 $ Excluding an increase in shortterm incentive compensation of $320 million, period costs were lower $200 $0 2nd Qtr 2016 Operating Profit Sales Volume Price Realization Variable Manufacturing Costs Period Costs Currency Financial Products Restructuring Costs Other 2nd Qtr 2017 Operating Profit 5
6 CONSTRUCTION INDUSTRIES 2 nd Quarter Highlights Sales up in Asia/Pacific Favorable price realization North America about flat Sales (in billions of dollars) $4.9 $4.4 $4.9 Units Shipped China Excavator Industry Annual Shipments to Customers (10 ton and above) Source: Association of Equipment Manufacturers * Full year forecast U.S. Construction Put in Place (SAAR, Bil. $) Residential Nonresidential Building Infrastructure * * 2017 June year to date 6
7 CONSTRUCTION INDUSTRIES Segment Profit (in millions of dollars) $901 $550 $901 Profit as a percent of sales* 12.4% 18.2% 2 nd Quarter Highlights Favorable price realization Higher sales volume, including a favorable mix of products Period costs about flat * Includes inter-segment sales 7
8 RESOURCE INDUSTRIES 2 nd Quarter Highlights Sales increased for aftermarket parts Dealer inventories about flat in the second quarter of 2017 Dealer deliveries for equipment were about flat Sales (in billions of dollars) $1.8 $1.5 $1.8 Service Meter Hours 5 year Average Source: Caterpillar Internal Data 8
9 RESOURCE INDUSTRIES Segment Profit / (Loss) (in millions of dollars) $97 $97 Profit as a percent of sales* 5.3% 2 nd Quarter Highlights Higher sales volume, including a favorable mix of products Lower period costs ($163) (10.8%) * Includes inter-segment sales 9
10 ENERGY & TRANSPORTATION 2 nd Quarter Highlights Oil and Gas sales higher Industrial sales increased Power Gen sales about flat Transportation sales lower Sales (in billions of dollars) $3.9 $3.7 $3.9 WTI Oil Dollars per Barrel $120 $100 $80 $60 $40 $20 $0 Rig Count and WTI 1,800 1,500 1, US Oil Rig Count Jan 01, 2014 Apr 01, 2014 Jul 01, 2014 Oct 01, 2014 Jan 01, 2015 Apr 01, 2015 Jul 01, 2015 Oct 01, 2015 Jan 01, 2016 Apr 01, 2016 Jul 01, 2016 Oct 01, 2016 Jan 01, 2017 Apr 01, 2017 Jul 01, 2017 Source: Baker Hughes 10
11 ENERGY & TRANSPORTATION Segment Profit (in millions of dollars) $700 $602 $700 Profit as a percent of sales* 13.7% 14.7% 2 nd Quarter Highlights Higher sales volume Favorable variable manufacturing costs due to cost absorption and improved material costs Period costs about flat excluding higher short-term incentive compensation expense * Includes inter-segment sales 11
12 FULL-YEAR 2017 OUTLOOK 2016 Previous Outlook 1 Current Outlook 2 Sales and Revenues $38.5 billion $38 to $41 billion $42 to $44 billion Profit/(Loss) Per Share 3 $(0.11) $2.10 $3.50 Restructuring Costs $1.019 billion $1.25 billion $1.20 billion Adjusted Profit Per Share 3,4,5 $3.42 $3.75 $5.00 Sales and revenues Midpoint: $39.5 billion Sales and revenues Midpoint: $43.0 billion 1 As of April 25, As of July 25, At midpoint of 2017 sales and revenues outlook range adjusted profit per share outlook excludes restructuring costs, gain on sale of equity investment in IronPlanet excludes restructuring costs, mark-to-market losses related to pension and OPEB, goodwill impairment, deferred tax valuation allowance 12
13 2017 FULL-YEAR SALES & REVENUES OUTLOOK COMPARED TO 2016 Construction Industries Resource Industries Energy & Transportation 10-15% 20-25% 5-10% 13
14 FULL-YEAR 2017 OUTLOOK 2016 Previous Outlook 1 Current Outlook 2 Sales and Revenues $38.5 billion $38 to $41 billion $42 to $44 billion Profit/(Loss) Per Share 3 $(0.11) $2.10 $3.50 Restructuring Costs $1.019 billion $1.25 billion $1.20 billion Adjusted Profit Per Share 3,4,5 $3.42 $3.75 $5.00 Sales and revenues Midpoint: $39.5 billion Sales and revenues Midpoint: $43.0 billion 1 As of April 25, As of July 25, At midpoint of 2017 sales and revenues outlook range adjusted profit per share outlook excludes restructuring costs, gain on sale of equity investment in IronPlanet excludes restructuring costs, mark-to-market losses related to pension and OPEB, goodwill impairment, deferred tax valuation allowance 14
15 KEY TAKEAWAYS Great quarter Higher year-over-year sales and revenues of about $1.0 billion Strong operating profit pull through Delivered strong operating cash flow and increased the quarterly cash dividend Raised the 2017 full-year outlook 15
16 Q & A July 25, 2017
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