卡特彼勒公司（纽约证券交易所代码：CAT）公布了低于预期的2024年第四季度业绩后，其股价下跌。
本季度的总销售和收入同比下降5%至162.15亿美元，低于预期的164.11亿美元。
卡特彼勒的调整后每股盈利为5.14美元，相比去年同期的5.23美元，但高于预期的4.99美元。
销售下降主要受销量减少8.59亿美元的影响，原因是经销商库存减少和设备销售减少。2024年第四季度，经销商库存减少了13亿美元，而2023年第四季度则减少了9亿美元。
营业利润下降7%至29.24亿美元，减少了2.1亿美元，主要由于销售量减少。营业利润率为18%，低于去年的18.4%。调整后的利润率从去年的18.9%下降到18.3%。
企业营业现金流为120.35亿美元，相比去年的128.85亿美元。公司2024财年底持有69.96亿美元的企业现金。
卡特彼勒公司在全年内花费了77亿美元用于股票回购和26亿美元用于派发股息。
机械、能源及运输部门的收入同比下降6%，其中建筑行业下降8%，资源行业下降9%，能源和运输持平，其他部门也持平。
2025年展望：由于价格不利因素，卡特彼勒预计销售额将下降约1%，其他收入则因利息收入减少和汇率影响而略有逆风。
该公司预计重组成本为1.5亿-2亿美元，资本支出为25亿美元，税率为23%。
价格行动：截至周四最后检查，卡特彼勒股价在盘前交易中下跌5.33%，至371.51美元。
以上内容来自Benzinga Earnings专栏，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.
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