8-KRegulation FD

CATERPILLAR INC 8-K Report, Regulation FD Disclosure (Feb 20, 2013)

Filed February 20, 2013For Securities:CAT

Summary

Caterpillar Inc. (CAT) filed an 8-K on February 20, 2013, to provide supplemental information regarding retail sales of machines and power systems, as well as dealer statistics for the three-month rolling period ending January 2013. This information, which is based on unaudited dealer reports and is presented in constant dollars, aims to offer investors a better understanding of the company's business and the industries it serves, acknowledging the time lag between Caterpillar's sales to dealers and end-user deliveries. The report indicates a mixed performance across different regions and business sectors. Globally, retail sales of machines saw a 4% decrease in the three months leading up to January 2013 compared to the prior year, primarily driven by declines in North America (-11%) and Asia/Pacific (-12%), despite growth in Latin America (+3%) and EAME (+1%). Power systems, however, experienced a 7% decline overall, with significant weakness in the Industrial sector (-24%) and Electric Power (-9%), while the Petroleum sector remained flat.

Key Highlights

  • 1The report provides supplementary data on retail sales volumes for machines and power systems based on dealer deliveries, offering insights into underlying business trends.
  • 2For the three-month rolling period ending January 2013, global machine retail sales decreased by 4% year-over-year.
  • 3North America and Asia/Pacific regions showed significant year-over-year declines in machine retail sales (-11% and -12% respectively).
  • 4Latin America was a bright spot, with machine retail sales up 3% for the period.
  • 5Overall power systems retail sales declined by 7% year-over-year for the three-month period.
  • 6The Industrial sector within power systems experienced a substantial 24% year-over-year decrease in retail sales.
  • 7Acquired businesses (Bucyrus machinery and MWM engines) are now being incorporated into the reported statistics, starting from January 2013.

Frequently Asked Questions

The primary purpose of this 8-K filing is to furnish supplemental information to investors regarding Caterpillar's retail sales of machines and power systems, along with dealer statistics. This data is provided because there's a time lag between when Caterpillar sells to its dealers and when dealers deliver to end-users, and the company believes this information helps in understanding its business trends and the industries it serves.

The sales figures reported are based on unaudited data provided by Caterpillar's independent dealers and direct sales. They are reported in constant dollars and are based on unit sales. It's important to note that these figures are not subject to Caterpillar's internal controls over financial reporting.

The data indicates a mixed performance by region. While North America and Asia/Pacific showed year-over-year declines in machine retail sales for the three-month period ending January 2013, Latin America demonstrated growth. Europe, Africa, and the Middle East (EAME) experienced modest growth, and the 'rest of the world' also showed a slight increase.

The Power Systems business saw an overall decline of 7% in retail sales for the three-month rolling period ending January 2013 compared to the prior year. The Industrial sector was particularly weak, with a 24% decrease, and Electric Power also declined by 9%. The Petroleum sector remained flat.