ews Industry News Industry News Industry News Industry News Industry News Indu
Finance
CATERPILLAR Caterpillar reported Q1 2024 sales and revenues were $ 15.8 billion , about flat compared to the first quarter of 2023 , due to lower sales volume , which was mostly offset by favorable price realization . Operating profit margin was 22.3 % for the first quarter of 2024 , compared with 17.2 % for the Q1 of 2023 .
“ 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 ,” said Jim Umpleby , chairman and CEO .
Investors . com reported that Cat stock is the number three performer year to date among 30 Dow Jones components , with a 23 % gain , which beats stocks such as Amazon , Microsoft and Apple .
HUSQVARNA Husqvarna net sales decreased by 14 % to SEK 14,719m ($ 17,167 ). Changes in exchange rates had a neutral effect . Planned exits of low-margin petrolpowered business impacted with -4 %. Organic sales decreased by 11 %.
In the Husqvarna Forest & Garden Division , sales of robotic mowers for the professional market and battery-powered products were strong . However , sales of petrol-powered wheeled products continued on a low level , partly due to lower demand and Husqvarna proactively exiting parts of this segment in North America .
“ A key aspect of our transformation is to expand in segments such as robotic mowers , battery-powered products , watering and solutions for the professional market ,” said Pavel Hajman , CEO .
“ Another strategic aspect is our commitment to sustainability . To date , CO₂ emissions ( Scope 1 , 2 and 3 ) have decreased by 51 % compared with the base year of 2015 . This is driven by the electrification of our industry and lower sales of petrol-powered products , primarily wheeled . With that , we have exceeded our target of a 35 % reduction by 2025 .”
POLARIS “ Our sales results for the first quarter were in line with our expectations , and adjusted EPS came in above plan ,” said Mike Speetzen , CEO of Polaris Inc . “ We gained share in ORV , motorcycles and marine , and the recent launches in our best-selling full-size Ranger and Indian Scout lineups reflect our strategic focus on rider-driven innovation . While we continue to see strength within our off-road utility business , snow was particularly challenging given poor winter conditions and trends in more recreational categories continued to be soft .”
For the first quarter of 2024 , Polaris reported worldwide sales of $ 1,736 million , down 20 % compared to the first quarter of 2023 . Sales in North America represented 83 % of total company sales and decreased 22 % from $ 1,842 million in 2023 . Sales in Q1 2024 were negatively impacted by lower volume and net pricing driven by higher promotional activity partially offset by favorable product mix . Sales in the off-road group were off 16 % compared to Q1 2023 , while North American ORV unit retail sales were up 3 %. Polaris expects 2024 sales to be down 5-7 % compared to 2023 .
STIHL Stihl reported that 2023 sales in North America , its largest market , were significantly lower than in 2022 .
“ After three years of extremely strong growth , we were confronted with declining demand in 2023 ,” said Michael Traub , chairman , executive board of Stihl . “ This phase , which we experienced due to the coronavirus pandemic , is over . High inflation and rising interest rates have now dampened consumer sentiment . In addition , dealers and retailers have plenty of stock that they now need to sell off first .”
Stihl expanded its U . S . dealer network and increased its market share in battery-operated products in North America . Sales of Stihl gasoline-powered products declined significantly , while its battery and iMow business grew encouragingly , the company stated . Stihl aims to increase the share of sales from battery-operated products to at least 35 percent by 2027 , with a target of 80 percent by 2035 .
“ Stihl has grown by over 30 percent since 2019 ,” Traub said . “ Right now , we are moving toward a normalization of growth . Irrespective of this , we are continuing to pursue our long-term strategy of achieving dual technological leadership : leading the sustainable transformation in both the battery- and gasoline-powered tool segments .”
TEXTRON Textron Industrial ( Arctic Cat UTVs , Cushman utility vehicles , EZ-Go vehicles , Jacobsen mowers ) revenues were $ 892 million , down $ 40 million from last year ’ s first quarter . Segment profit of $ 29 million was down $ 12 million from the first quarter of 2023 , primarily due to lower volume and mix in Specialized Vehicles . Textron expects to incur additional severance costs in the second quarter of 2024 in the range of $ 25 to $ 30 million , largely related to headcount reductions in the Industrial segment .
8 OPE + May 2024 www . OPE-Plus . com