October 25, 2017
Caterpillar’s financial position continued to strengthen in the third quarter.
Caterpillar’s third-quarter 2017 sales and revenues of $11.4 billion, compared with $9.2 billion in the third quarter of 2016. Third-quarter 2017 profit per share was $1.77, compared with $0.48 per share in the third quarter of 2016. Excluding restructuring costs, third-quarter 2017 adjusted profit per share was $1.95, compared with third-quarter 2016 adjusted profit per share of $0.85.
Machinery, Energy & Transportation operating cash flow was about $600 million during the third quarter, and ME&T’s debt-to-capital ratio improved to 36.1%, down from 38.6% at the end of the second quarter. The company ended the third quarter of 2017 with an enterprise cash balance of $9.6 billion.
“Higher sales volume and our team's focus on cost discipline resulted in improved profit margins across our three primary segments,” said Caterpillar CEO Jim Umpleby.
Caterpillar continues to see strength in a number of industries and regions, including construction in China, on-shore oil and gas in North America, and increased capital investments by mining customers.
In July 2017, Caterpillar provided an outlook range for full-year 2017 sales and revenues of $42 billion to $44 billion, with a midpoint of $43 billion. The company now expects full-year 2017 sales and revenues of about $44 billion.
“As a result of our team’s strong performance, we are raising our 2017 profit outlook,” continued Umpleby. “We are executing our new strategy for profitable growth based onoperational excellence, expanded offerings and services.”
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