Page 1

Caterpillar Inc. 1Q 2021 Earnings Release FOR IMMEDIATE RELEASE Caterpillar Reports First - Quarter 2021 Results First Quarter April 29 , 2021 ( $ in billions except profit per share ) 2021 2020 Sales and Revenues $ 11.9 $ 10.6 • Sales and revenues increased 12 % Profit Per Share $ 2.77 $ 1.98 Adjusted Profit Per Share $ 2.87 $ 1.65 • First - quarter 2021 profit per share of $ 2.77 ; adjusted profit per share of $ 2.87 Strong balance sheet with $ 11.3 billion of enterprise cash on hand DEERFIELD , III . - Caterpillar Inc. ( NYSE : CAT ) today announced first - quarter 2021 sales and revenues of $ 11.9 billion , a 12 % increase compared with $ 10.6 billion in the first quarter of 2020. The increase was due to higher sales volume driven by higher end - user demand and the impact from changes in dealer inventories . Dealers increased their inventories more during the first quarter of 2021 than during the first quarter of 2020 . Operating profit margin was 15.3 % for the first quarter of 2021 , compared with 13.2 % for the first quarter of 2020 . First - quarter 2021 profit per share was $ 2.77 , compared with $ 1.98 profit per share in the first quarter of 2020 . Adjusted profit per share in the first quarter of 2021 was $ 2.87 , compared with first - quarter 2020 adjusted profit per share of $ 1.65 . Adjusted profit per share for both quarters excluded restructuring costs , while the first quarter of 2020 also excluded a remeasurement gain of $ 0.38 per share resulting from the settlement of a non - U.S . pension obligation . Please see a reconciliation of GAAP to non - GAAP financial measures in the appendix on page 12 . For the three months ended March 31 , 2021 , enterprise operating cash flow was $ 1.9 billion . Caterpillar ended the first quarter with $ 11.3 billion of enterprise cash . “ I'm proud of our global team's strong performance as they continue to serve our customers , ” said Caterpillar Chairman and CEO Jim Umpleby . “ We're encouraged by improving conditions in our end markets and are proactively managing supply chain risks . Our dedicated team continues to execute our strategy for long - term profitable growth . " ( more )