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Quarterly Results Overview Video
Caterpillar Group President and Chief Financial Officer Brad Halverson discusses in this video the company's fourth quarter and year-end 2013 results.
"In such a challenging environment, I am proud of the way our employees came together in 2013. Despite a sales and revenues decline of about $10 billion, we set a record for operating cash flow, strengthened our balance sheet and improved our overall market position for machines. We continued to improve safety in our facilities and the quality of the products we ship each day," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman. "Cost flexibility is critical to our strategy and was a significant focus in 2013 as we took substantial actions to help maintain profitability as sales declined. Excluding the impact of cost absorption our manufacturing costs and SG&A and R&D expenses were favorable by $1.2 billion compared with 2012. It wasn't easy, especially for our employees who endured an incredibly tough year, but the actions we initiated helped us deliver strong operational performance in 2013.
"We are pleased with the continued growth in our earning assets and the solid performance of our portfolio during 2013," said Kent Adams, president of Cat Financial and vice president with responsibility for the Financial Products Division of Caterpillar Inc. "With our ongoing focus on expanding our ability to serve Caterpillar customers globally through financial services excellence, we remain well positioned to serve the needs of Caterpillar, Cat dealers and our growing customer base worldwide."
Each webcast contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, the Risk Factors noted in the Earnings Release and the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information in each webcast, which speaks as of its date.
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