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4Q 2013 Earnings Release
January 27, 2014
FOR IMMEDIATE RELEASE
Caterpillar Reports Full-Year 2013 Results,
Including Record Operating Cash Flow
Company Expects $1.7 Billion of Stock Repurchase and Announces
Authorization for New $10 Billion Stock Repurchase Program
PEORIA, Ill. Caterpillar Inc. (NYSE: CAT) today announced fourth-quarter 2013 sales and revenues were $14.402 billion, down 10 percent from $16.075 billion in the fourth quarter of 2012. Profit per share in the fourth quarter of 2013 was $1.54, compared with profit per share of $1.04 in the fourth quarter of 2012. Fourth-quarter 2012 included two large itemsprofit was negatively impacted by a goodwill impairment charge of $580 million, or $0.87 per share, but was positively impacted by a $300 million tax settlement, or $0.45 per share. Excluding these two items, profit per share increased $0.08 from the fourth quarter of 2012, reflecting solid operational performance.
Sales and revenues for full-year 2013 were $55.656 billion, down 16 percent from $65.875 billion in 2012. The decline in sales and revenues was primarily driven by a sharp drop in sales of new machines for mining. Profit per share in 2013 was $5.75, down from $8.48 in 2012. Despite this challenging environment, the company reported record Machinery and Power Systems (M&PS) operating cash flow of $9 billion in 2013.
In such a challenging environment, I am proud of the way our employees came together in 2013. Despite a sales and revenues decline of about $10 billion, we set a record for operating cash flow, strengthened our balance sheet and improved our overall market position for machines. We continued to improve safety in our facilities and the quality of the products we ship each day, said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. Cost flexibility is critical to our strategy and was a significant focus in 2013 as we took substantial actions to help maintain profitability as sales declined. Excluding the impact of cost absorption our manufacturing costs and SG&A and R&D expenses were favorable by $1.2 billion compared with 2012. It wasnt easy, especially for our employees who endured an incredibly tough year, but the actions we initiated helped us deliver strong operational performance in 2013.
The following information was filed by Caterpillar Inc (CAT) on Monday, January 27, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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