8-KRegulation FDExhibits & Filings

CATERPILLAR INC 8-K Report, Regulation FD Disclosure (May 13, 2020)

Filed May 13, 2020For Securities:CAT

Summary

Caterpillar Inc. (CAT) filed an 8-K on May 13, 2020, providing supplemental information on its retail machine and power systems sales for the rolling three-month periods ending in February, March, and April 2020. This data, furnished under Regulation FD, offers insights into end-user demand by geographic region and industry, supplementing Caterpillar's official financial reporting with a more current, albeit unaudited, view of sales trends. The disclosed figures indicate a significant downturn in retail sales across most segments and regions, particularly in April 2020, likely reflecting the early impacts of the COVID-19 pandemic on global economic activity and demand for heavy equipment. Investors should note that this information is based on unaudited reports from independent dealers and OEMs and is not a substitute for Caterpillar's audited financial statements. Nevertheless, the reported retail sales statistics highlight considerable weakening in demand, with global machine retail sales declining by 22% in April 2020 compared to the prior year. The Energy & Transportation segment also experienced a notable 19% decrease in total retail sales for the same period. These trends suggest a challenging operating environment for Caterpillar and its customers in the near term.

Key Highlights

  • 1Supplemental disclosure of rolling 3-month retail sales statistics for machines and power systems, furnished under Regulation FD.
  • 2Global machine retail sales declined significantly, down 22% for the rolling 3-month period ending April 2020, compared to the prior year.
  • 3Construction Industries experienced a 21% decrease in global retail machine sales for the rolling 3-month period ending April 2020.
  • 4Resource Industries saw a 24% decline in global retail machine sales for the rolling 3-month period ending April 2020.
  • 5Energy & Transportation segment reported a 19% decrease in total retail sales for the rolling 3-month period ending April 2020.
  • 6Retail sales trends show a notable acceleration of declines in April 2020 across most geographic regions and industry segments.
  • 7The data is based on unaudited reports from independent dealers and OEMs and is intended to indicate approximate trends, not to substitute for audited financial statements.

Frequently Asked Questions

The primary purpose of this 8-K filing is to provide supplemental, unaudited information on Caterpillar's retail sales of machines and power systems to end users and OEMs. This data is intended to give investors a more current, albeit approximate, view of sales trends by geographic region and industry, helping to understand business performance between official financial reporting periods.

The reported retail sales figures for the rolling three-month period ending April 2020 showed a significant downturn. Globally, total machine retail sales were down 22% year-over-year. The Construction Industries and Resource Industries segments saw declines of 21% and 24% respectively, while the Energy & Transportation segment experienced a 19% decrease.

In April 2020, all reported geographic regions experienced declines in total machine retail sales. Latin America saw the steepest drop at 28%, followed by North America at 27%, Asia/Pacific at 17%, and EAME at 15%. These figures represent the rolling 3-month period ending April 2020 compared to the prior year.

The data presented is based on unaudited reports voluntarily provided by Caterpillar's independent dealers and OEMs, and is not subject to Caterpillar's internal controls over financial reporting. Therefore, the data may not be entirely accurate or complete. Caterpillar explicitly states that this information is intended solely to convey an approximate indication of trends and is not a substitute for its audited financial statements.