Caterpillar Inc. posted sales and revenues for the first quarter of 2024 of $15.8 billion, about flat compared to the first quarter of 2023. Sales volume was lower, but this was mostly offset by favorable price realization.
Operating profit margin was 22.3 percent for the first quarter of 2024, compared with 17.2 percent for the first quarter of 2023. Adjusted operating profit margin was 22.2 percent for the first quarter of 2024, compared with 21.1 percent for the first quarter of 2023. First-quarter 2024 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 of 2024 was $5.60, compared with first-quarter 2023 adjusted profit per share of $4.91. In the first quarter of 2024 and 2023, adjusted operating profit margin and adjusted profit per share excluded restructuring income/costs.
For the three months ended March 31, 2024, enterprise operating cash flow was $2.1 billion, and the company ended the first quarter with $5.0 billion of enterprise cash. In the quarter, the company deployed $4.5 billion of cash for repurchases of Caterpillar common stock and $0.6 billion of cash for dividends.
“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,” said chairman and CEO Jim Umpleby. “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.”
