Fourth quarter and full year results of 2019

Sales fell 8% in the fourth quarter; Annual sales revenue fell by 2%

Strong operating cash flow; By the end of 2019, corporate cash flow reached $8.3 billion

Returning $1.3bn to shareholders in the fourth quarter through dividends and share buybacks;

Total restitution of $6.2 billion for the whole of 2019 2020 earnings-per-share outlook ranges from $8.50 to $10.00

Caterpillar inc. announced its fourth quarter and full year results for 2019.

Revenue in the fourth quarter of 2019 was $13.1 billion, down 8% from $14.3 billion in the fourth quarter of 2018. Earnings per share for the fourth quarter of 2019 were $1.97, compared with $1.78 for the fourth quarter of 2018. Adjusted earnings per share for the fourth quarter of 2019 were $2.63, compared with $2.55 in 2018.

In the fourth quarter, caterpillar's strong cost controls offset and exceeded lower-than-expected end-user demand. Our profit performance reflects our focus on maintaining a flexible and competitive cost structure.

& ndash; & ndash; Jim Umpleby, chairman and CEO of caterpillar inc.

Full-year 2019 sales revenue was $53.8 billion, down 2% from $54.7 billion in 2018. Full-year earnings per share in 2019 were $10.74, compared with $10.26 in 2018. Adjusted earnings per share for the full year of 2019 were $11.06, compared with $11.22 for the full year of 2018.

Ember jun & other; Despite a slight decline in sales in 2019, we achieved operating margins and free cash flow consistent with our long-term objectives, and continued to invest in diversified services and rich product lines. The caterpillar team's focus on profitable growth also allowed the company to raise its dividend by 20 percent and return more than $6 billion to shareholders through dividends and share buybacks. Throughout the &;

Operating margin was 14.1 per cent in the fourth quarter of 2019, compared with 13.1 per cent in the fourth quarter of 2018. Full-year operating margins were 15.4 per cent in 2019, compared with 15.2 per cent in 2018.

Adjusted earnings per share for the full year 2019 exclude mark-to-market losses from pension and other post-employment benefit plans (opebs), as well as unconventional tax benefits related to us tax reform. In 2018, full-year adjusted eps excludes mark-to-market losses due to pension and other post-employment benefit plans (opebs), restructuring costs, the impact of us tax reform, and certain deferred tax valuation reserve adjustments.

For the whole of 2019, the operating cash flow of enterprises was $6.9 billion. Operating cash flows in the construction machinery and energy and transport sectors were $4.9bn for the whole of 2019, after paying $1.5bn in defined-benefit pensions from the proceeds of bond issues. In the fourth quarter of 2019, the company repurchased about $760 million of caterpillar common stock and paid a dividend of $568 million. For all of 2019, the company bought back $4 billion of caterpillar common stock and paid $2.1 billion in dividends. After returning about $6.2bn in capital to shareholders, the company ended 2019 with a cash balance of $8.3bn, compared with $7.9bn at the end of 2018.

2020 outlook

The company expects a 2020 earnings-per-share outlook of $8.50 to $10.00.

& other; We expect continued global economic uncertainty to put pressure on consumer sales and lead agents to further reduce inventory. We have reduced delivery times and are ready to respond quickly to any positive or negative changes in customer needs. As we achieve the goals set at the investor conference, we will continue to invest in a diverse portfolio of services and product lines to advance our long-term profitable growth strategy. & ndash; & ndash; Ember jun & throughout;

This outlook does not include mark-to-market gains or losses resulting from the recalculation of pensions and other post-employment benefit plans (opebs).