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4Q 2014 Earnings Release
January 27, 2015
FOR IMMEDIATE RELEASE
Caterpillar Reports Fourth-Quarter and Full-Year Financial Results
PEORIA, Ill. Caterpillar Inc. (NYSE: CAT) today announced fourth-quarter 2014 sales and revenues of $14.244 billion, slightly down from $14.402 billion in the fourth quarter of 2013. Profit per share in the fourth quarter of 2014 was $1.23, compared with profit per share of $1.54 in the fourth quarter of 2013. Excluding restructuring costs, fourth-quarter 2014 profit per share was $1.35, compared with profit per share of $1.68 in the fourth quarter of 2013.
Sales and revenues for the full-year 2014 were $55.184 billion, down slightly from $55.656 billion in 2013. Profit per share was $5.88, up from $5.75 per share in 2013. Excluding restructuring costs, 2014 profit per share was $6.38, up from $5.97 per share in 2013.
Overall, we had many positives and a better year in 2014 than 2013, said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. Our emphasis on cost management, operational execution and cash flow helped us deliver better profit per share than both 2013 and the 2014 outlook we provided at the start of the year. At the mid-point of our original 2014 outlook, we anticipated sales and revenues of $56 billion and profit of $5.30 per share, or $5.85 per share excluding restructuring costs. We ended the year with sales and revenues within 2 percent of $56 billion and delivered much better profit per share. In addition to improved profit, Machinery, Energy & Transportation (ME&T) operating cash flow was higher than we expected and the third best year in our history, Oberhelman said.
It was a great year for Energy & Transportation with record sales and profit. Sales were also up and profit improved substantially in Construction Industries. The increase in Construction Industries sales was primarily in North America and was partially offset by sales declines in other regions. While our construction sales were up in 2014, the industry is still well below prior peaks in every major region due to relatively weak economic growth for most of the world. Prices for key mined commodities, particularly copper, coal and iron ore, declined in 2014. Weakening commodity prices, along with improved mine productivity, led to lower sales for Resource
The following information was filed by Caterpillar Inc (CAT) on Tuesday, January 27, 2015 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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