May 17, 2022 (PRNewswire via COMTEX) -- PR Newswire
GRAPEVINE, Texas, May 17, 2022
GRAPEVINE, Texas, May 17, 2022 /PRNewswire/ -- Caterpillar Inc. /zigman2/quotes/203434128/composite CAT -3.34% is hosting its Investor Day centered around the theme of services, technology and sustainability. The leadership team will provide details on the company's achievements, priorities and opportunities including:
Executing strategy through operational excellence, expanded offerings, services and sustainability
Achieved Investor Day targets for adjusted operating profit margin and generated strong ME&T free cash flow
Expecting higher long-term sales growth as energy transition expands Caterpillar's addressable market
Reaffirming adjusted operating margin targets while investing in technology
ME&T free cash flow to increase with sales growth
"Our global team has done an excellent job executing our strategy for long-term profitable growth," said Caterpillar Chairman & CEO, Jim Umpleby. "Since 2017, we've achieved our adjusted operating profit margin targets every year and generated $26 billion of free cash flow over that time. We remain committed to continuing our strong financial performance."
Umpleby added, "We believe services and the energy transition represent significant opportunities for Caterpillar to drive long-term profitable growth and shareholder value, as we help our customers build a better, more sustainable world."
The company will also discuss its commitment to return substantially all free cash flow to shareholders over time, illustrated by the board of directors' recent approval of a new authorization to repurchase up to $15 billion of common stock. It is effective August 1, 2022, with no expiration date.
A video webcast of the meeting will begin at 10:25 a.m. CDT. A replay of the webcast, presentations and a transcript will be available at https://investors.caterpillar.com/events-presentations/event-details/2022/Caterpillars-2022-Investor-Day/default.aspx .
With 2021 sales and revenues of $51.0 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments - Construction Industries, Resource Industries and Energy & Transportation - and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/social-media .
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "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) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs�?�or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers' needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) 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; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat�?�Financial's�?�customers; (xviii) currency fluctuations; (xix) our or Cat�?�Financial's�?�compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.�?�
SOURCE Caterpillar Inc.
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