卡特彼勒公司（紐約證券交易所代碼：CAT）公佈了低於預期的2024年第四季度業績後，其股價下跌。 本季度的總銷售和收入同比下降5%至162.15億美元，低於預期的164.11億美元。 卡特彼勒的調整後每股盈利爲5.14美元，相比去年同期的5.23美元，但高於預期的4.99美元。 銷售下降主要受銷量減少8.59億美元的影響，原因是經銷商庫存減少和設備銷售減少。2024年第四季度，經銷商庫存減少了13億美元，而2023年第四季度則減少了9億美元。 營業利潤下降7%至29.24億美元，減少了2.1億美元，主要由於銷售量減少。營業利潤率爲18%，低於去年的18.4%。調整後的利潤率從去年的18.9%下降到18.3%。 企業營業現金流爲120.35億美元，相比去年的128.85億美元。公司2024財年底持有69.96億美元的企業現金。 卡特彼勒公司在全年內花費了77億美元用於股票回購和26億美元用於派發股息。 機械、能源及運輸部門的收入同比下降6%，其中建築行業下降8%，資源行業下降9%，能源和運輸持平，其他部門也持平。 2025年展望：由於價格不利因素，卡特彼勒預計銷售額將下降約1%，其他收入則因利息收入減少和匯率影響而略有逆風。 該公司預計重組成本爲1.5億-2億美元，資本支出爲25億美元，稅率爲23%。 價格行動：截至週四最後檢查，卡特彼勒股價在盤前交易中下跌5.33%，至371.51美元。

以上內容來自Benzinga Earnings專欄，原文如下：

Caterpillar Inc. (NYSE:CAT) shares are trading lower after the company reported worse-than-expected fourth-quarter 2024 results.

Total sales and revenue for the quarter declined 5% year-over-year to $16.215 billion, missing the consensus of $16.411 billion.

CAT's adjusted earnings were $5.14 per share, compared to $5.23 a year ago and above the consensus of $4.99.

The sales decline was primarily driven by an $859 million drop in volume, impacted by lower dealer inventories and reduced equipment sales. Dealer inventories fell by $1.3 billion in Q4 2024, compared to a $900 million decrease in Q4 2023.

Operating profit fell 7% to $2.924 billion, down $210 million, mainly due to lower sales volume. The operating profit margin was 18%, down from 18.4% a year ago. The adjusted margin fell to 18.3% from 18.9%.

Enterprise operating cash flow was $12.035 billion compared to $12.885 billion a year ago. The company ended fiscal 2024 with $6.896 billion of enterprise cash.

CAT spent $7.7 billion on share repurchases and $2.6 billion on dividends during the year.

The revenue of the machinery, energy & transportation segment declined 6% YoY, with construction Industries down 8%, Resource Industries down 9%, energy & transportation flat as did other segments.

2025 Outlook: Caterpillar Sales are expected to decline ~1% due to unfavorable pricing, with a slight headwind in other income from lower interest income and currency effects.

The company anticipates $150 million–$200 million in restructuring costs, $2.5 billion in capital expenditures, and a 23% effective tax rate.

Price Action: CAT is trading lower by 5.33% at $371.51 premarket at the last check Thursday.