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Thursday profits warning at 16:05 then CFO leaves straight after for 'personal reasons' cough cough
How did this ever get IPO'd i have no idea..
CT Automotive Executive Chairman, Simon Phillips, CEO, Scott McKenzie, COO, Stuart Lorraine and CFO, David Wilkinson present the half year results for the period ended 30 June 2022, which shows revenues ahead in H1 and production recovery gaining momentum.
Video: https://www.piworld.co.uk/company-videos/ct-automotive-cta-interim-results-presentation-september-2022/
Podcast: https://piworld.podbean.com/e/ct-automotive-cta-interim-results-presentation-september-2022/
CT Automotive’s Founder & Chairman, Simon Phillips, CEO, Scott McKenzie and CFO, David Wilkinson, present the full year 2021 result for the period ended 31st December 2021.
Video: https://www.piworld.co.uk/company-videos/ct-automotive-cta-full-year-2021-results-presentation-may-2022/
Podcast: https://piworld.podbean.com/e/ct-automotive-cta-full-year-2021-results-presentation-may-2022/
Positive Points: Looking forward, management said it was looking to full-year 2013 revenues of $60 billion to $68 billion. Caterpillar said that China is a key part of its global strategy, and has been operating in the country for nearly two decades. China sales account for about 3% of its annual revenues. Despite the turbulence seen in the global economy, Caterpillar registered record revenue levels for 2012 of $65.87 billion. As the world's largest manufacturer of bulldozers, excavators and other construction machinery, Caterpillar is closely watched as a gauge of the strength of the global economy.
Negative Points: The latest period included a $580 million write-down in profits related to the company's acquisition of ERA Mining Machinery, a parent company of Zhengzhou Siwei Mechanical & Electrical Manufacturing Co, known as Siwei. Caterpillar recently disclosed that an internal probe revealed accounting misconduct at Siwei starting several years before the acquisition. ERA were seeking further information from Caterpillar at the date of this research note. While Caterpillar said it was encouraged by recent improvements in economic indicators, the company remains cautious in its outlook. If oil prices remain volatile, it could result in more volatility in CAT's petroleum segment, resulting in profit fluctuations. The company expects reduced production levels to continue at least through the first quarter until inventories and dealer order rates realign with demand, added the group.
Financial Highlights: Fourth quarter profit was $697 million compared with $1.547 billion in the fourth quarter of 2011. Revenues for the quarter were $16.08 billion, down from $17.43 billion in the corresponding quarter a year earlier, beating Wall Street estimates. For the year 2012, record revenues, up 10% from 2011 levels were reported of $65.87 billion.
Fourth quarter results: Caterpillar's latest results, announced earlier today revealed a 55% fall in profits to $697 million. It follows the group's previously disclosed (19th Jan) write-down of $580 million related to the uncovering of accounting misconduct at a unit of ERA Mining Machinery Ltd, which Caterpillar acquired last year. ERA's main business was a Chinese mining equipment maker named Zhengzhou Siwei. The world's largest seller of bulldozer and excavator machinery has seen its sales growth slow recently as tougher year-on-year comparisons, rising inventories of unsold equipment and deteriorating economic conditions, particularly in Europe, placed pressure on sales expansion. Turning to the global economic outlook, Caterpillar sees economic growth of at least 2.5% in the US in 2013, with Japan expected to grow near 1%, and China expected to grow 8.5%. However, the company said it could be a "tough year" if the growth outlook deteriorates in the second half of 2013
Caterpillar Inc. (CTA) Director name: Mr Eugene V Fife Amount purchased: 156 @ € 66.88 Value: € 10,433
Caterpillar Inc. (CTA) Director name: Mr Eugene V Fife Amount purchased: 8,000 @ € 19.65 Value: € 157,231
Top Director Buys Caterpillar Inc. (CTA) Director name: Mr Douglas R Oberhelman Amount purchased: 140,000 @ € 20.52 Value: € 2,872,170
Caterpillar Inc. (CTA) Director name: Mr Eugene V Fife Amount purchased: 160 @ € 65.96 Value: € 10,553
Shares opened broadly flat at $84.98 in New York.
JP Morgan, the investment bank which has carried an 'overweight' rating for US construction machinery maker Caterpillar since 2009, on Monday decided to downgrade the stock to 'neutral'. "Mining capex remains pressured as companies continue to assess their investment plans for the longer term, and cuts are becoming more broad-based," said JPMorgan analyst Ann Duignan in research note. "Additionally, the energy sector as a whole is likely to be under pressure from regulators, particularly here in the US." JP Morgan also lowered the stock's price target to $90 from $109. "While the risk of further negative earnings revisions may already be priced into CAT's stock, we are concerned that the company doesn't have the balance sheet to support share repurchases as a means to bolster earnings," said Duignan.
Caterpillar Inc. (CTA) Director name: Mr Eugene V Fife Amount purchased: 162 @ € 65.74 Value: € 10,650
Positive Points: "We are taking a pragmatic view of 2013-we're not expecting rapid growth, and we're not predicting a global recession. At this point, we expect 2013 sales will be similar overall to 2012, but with a slightly weaker first half and a slightly better second half", added management. Despite the turbulence seen in the global economy, Caterpillar registered record revenue levels for its third quarter. As the world's largest manufacturer of bulldozers, excavators and other construction machinery, Caterpillar is closely watched as a gauge of the strength of the global economy.
Negative Points: For the second time in 2012, Caterpillar has lowered its outlook for the full year. In July, the company also cut its 2012 forecasts, and last month it reduced its 2015 earnings forecast, saying it expects demand for its products to fall more than previously forecast over the next few years, especially in the mining sector. Caterpillar cited that the Eurozone is the most significant risk to its 2013 economic outlook.
Financial Highlights: Caterpillar recorded a quarterly profit of $1.7 billion, beating Wall Sreet estimates. The figure included a $273 million gain from the sale of a majority interest in the group’s third party logistics business. Revenues totalled $16.44 billion, from $15.72 billion during the same period a year earlier. It was an all-time third-quarter record, said the company, however the figure was lighter than consensus forecasts of $16.79 billion.
Third quarter results: Dow Jones Industrial Average component, Caterpillar Inc, reported better-than-expected quarterly profits that surpassed expectations, although revenues, 5% higher than Q3 2011, were shy of forecasts. The company lowered its 2012 outlook amid continued economic weakening and uncertainty. The company now expects per-share earnings of $9 to $9.25 on revenue of about $66 billion, compared with its prior estimate for earnings of about $9.60 and revenue of $68 billion to $70 billion. "We are taking a pragmatic view of 2013, we're not expecting rapid growth, and we're not predicting a global recession," said Chairman and Chief Executive Doug Oberhelman. "While machine deliveries to end users have continued to hold up, our sales will probably remain relatively weak early in 2013 as dealers are likely to continue reducing inventories”. On balance,
Company overview Caterpillar is the world's largest maker of construction and mining equipment, diesel and natural gas engines and industrial gas turbines, and the largest consumer of heavy plate steel in the United States. The company and its dealers now sell products in around 200 countries.