Caterpillar Inc. Q1 revenue comes in below estimates at $15.8 billion

Caterpillar inc. today, on April 25, announced its earnings report for the first quarter of FY24.

Sales and revenues for the first quarter were $15.8 billion, about flat to the first quarter of 2023, because of lower sales volume.

Operating profit margin was 22.3%, compared to 17.2% for the first quarter of the previous year. Adjusted operating profit margin was 22.2% as compared with 21.1% for the first quarter of 2023.

Q1’s profit per share was $5.75, compared with first-quarter 2023 profit per share of $3.74.

Adjusted profit per share in the first quarter was $5.60 this quarter, in comparison to adjusted profit per share of $4.91 in Q1 of 2023.

The enterprise operating cash flow was $2.1 billion, and Caterpillar Inc. ended the first quarter with $5.0 billion of enterprise cash. In this quarter, the firm deployed $4.5 billion of cash for repurchases of Caterpillar common stock and $0.6 billion of cash for dividends.

Caterpillar Inc.’s Chairman and CEO Jim Umpleby said,

“I’m pleased with our team’s performance that resulted in higher adjusted operating profit margin, record adjusted profit per share and strong ME&T free cash flow. Our strong balance sheet and ME&T free cash flow allowed us to deploy a record $5.1 billion of cash for share repurchases and dividends in the first quarter. We continue to execute our strategy for long-term profitable growth.”

The shares of the company are trading at $363.52 reacting positively to the quarterly results.

The post Caterpillar Inc. Q1 revenue comes in below estimates at $15.8 billion appeared first on Invezz