Caterpillar Inc. (CAT)
Q4 2012 Earnings Call· Mon, Jan 28, 2013
$818.42
-1.24%
Same-Day
+1.18%
1 Week
+0.83%
1 Month
-5.21%
vs S&P
-6.24%
Operator
Operator
Good morning ladies and gentlemen, and welcome to the Caterpillar Full-year and Fourth Quarter 2012 Earnings Results. At this time, all lines have been placed on a listen-only mode and we’ll open the floor for your questions and comments following the presentation. It is now my pleasure to turn the floor over to your host, Mr. Mike DeWalt. Sir, the floor is yours.
Mike DeWalt
Operator
Thank you very much and good morning and welcome everyone to our year-end earnings call. I’m Mike DeWalt, Caterpillar’s Corporate Controller and Director of Investor Relations. On the call today, I’m pleased to have our Chairman and CEO, Doug Oberhelman; and our Group President and CFO, Brad Halverson. This call is copyrighted by Caterpillar Inc. and any use, recording or transmission of any portion without the expressed written consent of Caterpillar is strictly prohibited. If you would like a copy of today’s call transcript, we will be posting it in the Investors section of our caterpillar.com website, and it will be in the section labeled Results Webcast. This morning we’ll be discussing forward-looking information that involves risks, uncertainties and assumptions that could cause our actual results to differ materially from the forward-looking information. A discussion of some of the factors that either individually or in the aggregate could make actual results differ materially from our projections can be found in our cautionary statements under Item 1-A, Risk Factors, of our Form 10-K filed with the SEC back on February 21 of 2012, and also in the forward-looking statements language contained in today’s release. In addition, a reconciliation of non-GAAP measures can be found in our financial release and that’s been posted on our website at caterpillar.com. Okay. This morning before we get into the Q&A, I’m going to cover four topics. The first will be a short summary of the full-year of 2012; then I’ll take a few minutes to discuss how we ended the year compared with what we expected in our outlook for 2012 that we issued back in October. Our third topic will be a comparison of the fourth quarter of 2012 with the fourth quarter of 2011, and then I’ll finish-up with my final topic which…
Douglas R. Oberhelman
Analyst
Mike DeWalt
Operator
Operator
Operator
David Raso - ISI Group
Analyst
Mike DeWalt
Operator
David Raso - ISI Group
Analyst
Douglas R. Oberhelman
Analyst
David Raso - ISI Group
Analyst
Douglas R. Oberhelman
Analyst
David Raso - ISI Group
Analyst
Operator
Operator
Jerry Revich – Goldman Sachs:
Mike DeWalt
Operator
Jerry Revich – Goldman Sachs:
Douglas R. Oberhelman
Analyst
Jerry Revich – Goldman Sachs:
Mike DeWalt
Operator
Operator
Operator
Jamie Cook - Credit Suisse
Analyst
Mike DeWalt
Operator
Jamie Cook - Credit Suisse
Analyst
Mike DeWalt
Operator
Jamie Cook - Credit Suisse
Analyst
Mike DeWalt
Operator
Jamie Cook - Credit Suisse
Analyst
Douglas R. Oberhelman
Analyst
Jamie Cook - Credit Suisse
Analyst
Operator
Operator
Seth Weber - RBC Capital Markets
Analyst
Mike DeWalt
Operator
Seth Weber - RBC Capital Markets
Analyst
Mike DeWalt
Operator
Seth Weber - RBC Capital Markets
Analyst
Mike DeWalt
Operator
Seth Weber - RBC Capital Markets
Analyst
Mike DeWalt
Operator
Seth Weber - RBC Capital Markets
Analyst
Operator
Operator
Theoni Pilarinos - Raymond James
Analyst
Bradley M. Halverson
Analyst
Theoni Pilarinos - Raymond James
Analyst
Mike DeWalt
Operator
Theoni Pilarinos - Raymond James
Analyst
Mike DeWalt
Operator
Theoni Pilarinos - Raymond James
Analyst
Mike DeWalt
Operator
Theoni Pilarinos - Raymond James
Analyst
Mike DeWalt
Operator
Operator
Operator
Robert Wertheimer - Vertical Research Partners
Analyst
Douglas R. Oberhelman
Analyst
Robert Wertheimer - Vertical Research Partners
Analyst
Douglas R. Oberhelman
Analyst
Robert Wertheimer - Vertical Research Partners
Analyst
Douglas R. Oberhelman
Analyst
Robert Wertheimer - Vertical Research Partners
Analyst
Mike DeWalt
Operator
Operator
Operator
Ann Duignan - JPMorgan Chase & Co.:
Douglas R. Oberhelman
Analyst
Ann Duignan - JPMorgan Chase & Co.:
Mike DeWalt
Operator
Ann Duignan - JPMorgan Chase & Co.:
Mike DeWalt
Operator
Ann Duignan - JPMorgan Chase & Co.:
Mike DeWalt
Operator
Operator
Operator
Andrew Kaplowitz - Barclays Capital, Inc.
Analyst
Mike DeWalt
Operator
Andrew Kaplowitz - Barclays Capital, Inc.
Analyst
Mike DeWalt
Operator
Andrew Kaplowitz - Barclays Capital, Inc.
Analyst
Mike DeWalt
Operator
Bradley M. Halverson
Analyst
Andrew Kaplowitz - Barclays Capital, Inc.
Analyst
Douglas R. Oberhelman
Analyst
Andrew Kaplowitz - Barclays Capital, Inc.
Analyst
Mike DeWalt
Operator
Operator
Operator
Eli Lustgarten - Longbow Securities
Analyst
Mike DeWalt
Operator
Douglas R. Oberhelman
Analyst
Eli Lustgarten - Longbow Securities
Analyst
Mike DeWalt
Operator
Douglas R. Oberhelman
Analyst
Eli Lustgarten - Longbow Securities
Analyst
Douglas R. Oberhelman
Analyst
Eli Lustgarten - Longbow Securities
Analyst
Mike DeWalt
Operator
Douglas R. Oberhelman
Analyst
Eli Lustgarten - Longbow Securities
Analyst
Mike DeWalt
Operator
Operator
Operator
Ted Grace - Susquehanna Financial Group
Analyst
Mike DeWalt
Operator
Ted Grace - Susquehanna Financial Group
Analyst
Mike DeWalt
Operator
Ted Grace - Susquehanna Financial Group
Analyst
Mike DeWalt
Operator
Douglas R. Oberhelman
Analyst
Ted Grace - Susquehanna Financial Group
Analyst
Mike DeWalt
Operator
Bradley M. Halverson
Analyst
Mike DeWalt
Operator
Ted Grace - Susquehanna Financial Group
Analyst
Mike DeWalt
Operator
Operator
Operator