Caterpillar Reports Fourth-Quarter and Full-Year 2021 Results
Fourth-quarter 2021 sales and revenues up 23%; full-year sales and revenues up 22%
Fourth-quarter 2021 profit per share of $3.91; adjusted profit per share of $2.69
2021 profit per share of $11.83; adjusted profit per share of $10.81
Strong operating cash flow; ended the year with $9.3 billion of enterprise cash
Returned $5.0 billion to shareholders through dividends and share repurchases in 2021.

DEERFIELD, Ill. – Caterpillar Inc. (NYSE: CAT) today announced fourth-quarter and full-year results for 2021.

Sales and revenues for the fourth quarter of 2021 were $13.8 billion, a 23% increase compared with $11.2 billion in the fourth quarter of 2020. Operating profit margin was 11.7% for the fourth quarter of 2021, compared with 12.3% for the fourth quarter of 2020. Fourth-quarter 2021 profit per share was $3.91, compared with $1.42 profit per share in the fourth quarter of 2020. Adjusted profit per share in the fourth quarter of 2021 was $2.69, compared with fourth-quarter 2020 adjusted profit per share of $2.12. Fourth-quarter 2021 adjusted profit per share also reflected a lower-than-expected effective tax rate.

Full-year sales and revenues in 2021 were $51.0 billion, up 22% compared with $41.7 billion in 2020. The increase reflected higher end-user demand for equipment and services and the impact from changes in dealer inventories. Dealers decreased their inventories $2.9 billion in 2020, while remaining about flat in 2021. Operating profit margin was 13.5% for 2021, compared with 10.9% for 2020. Full-year profit was $11.83 per share in 2021, compared with profit of $5.46 per share in 2020. Adjusted profit per share in 2021 was $10.81, compared with adjusted profit per share of $6.56 in 2020.

“I’m proud of our global team’s continued resilience in what proved to be a challenging and dynamic operating environment. We delivered adjusted operating profit margins and ME&T free cash flows consistent with our long-term targets established during our 2019 Investor Day,” said Chairman and CEO Jim Umpleby. “Amid ongoing supply chain constraints, our team continues to execute our strategy for long-term profitable growth while striving to meet customer demand.”

In 2021, adjusted profit per share excluded mark-to-market gains for remeasurement of pension and other postemployment benefit (OPEB) plans and restructuring costs. In 2020, adjusted profit per share excluded mark-to-market losses for remeasurement of pension and OPEB plans and restructuring costs. Please see a reconciliation of GAAP to non-GAAP financial measures in the appendix on page 14.

For the full year of 2021, enterprise operating cash flow was $7.2 billion. During the year, the company repurchased $2.7 billion of Caterpillar common stock and paid dividends of $2.3 billion. Liquidity remained strong with an enterprise cash balance of $9.3 billion at the end of 2021.

About Caterpillar

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.

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