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We generated strong ME&T free cash flow of $10 billion in 2023, a $3.7 billion or 58% increase over our previous record. We returned a record $7.5 billion to shareholders through repurchase stock and dividends. We remain proud of our dividend aristocrat status and continue to expect to return substantially all ME&T free cash flow to shareholders over time through dividends and share repurchases.
fcf and cap allocsayion
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2023 Q4
6 Feb 24
Dealer inventory decreased by $900 million versus the third quarter. Machines declined by $1.4 billion, slightly more than we expected. We saw the largest decline in Construction Industries, as dealer inventory decreased across all regions. The largest decline was in excavators.
We remain comfortable with the total level of machine dealer inventory, which is within the typical range.
dealer inventory decreased
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2023 Q4
6 Feb 24
Energy & Transportation
E &T
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2023 Q4
6 Feb 24
. We've generated more than $30 billion over the last 5 years, including a record $10 billion in 2023. Based on our demonstrated ability to generate strong free cash flow, we are raising our ME&T free cash flow target range to $5 billion to $10 billion, up from $4 billion to $8 billion. Andrew will provide additional details around these updated targets.
raised fcf target through the cycle
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2023 Q4
6 Feb 24
Earlier this year, we announced the success of our collaboration with Microsoft and Ballard Power Systems to demonstrate the viability of using large-format hydrogen fuel cells to supply reliable and sustainable backup power for data centers.
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2023 Q4
5 Feb 24
Resource Industries
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2023 Q4
5 Feb 24
s
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2023 Q3
16 Jan 24
For E&T, it's a function of -- and RI, it's much more a function of firm customer orders
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2023 Q3
16 Jan 24
for CI, backlog is a function of dealer orders
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2023 Q3
16 Jan 24
Data center growth continues to provide a tailwind as well.
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2023 Q3
16 Jan 24
ervices revenues now are a higher proportion of our total revenue base as well
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2023 Q3
16 Jan 24
In 2018, it was 32%. Currently today is around 44%.
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2023 Q3
16 Jan 24
the backlog as a percentage of trailing 12-month revenues in the period of 2017, it was 37%
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2023 Q3
16 Jan 24
backlog over a number of years, it's still elevated compared to where it normally would be
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2023 Q3
16 Jan 24
backlog as a percentage of revenue would come down to more normal levels
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2023 Q3
16 Jan 24
Our backlog should come down.
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2023 Q3
16 Jan 24
as supply conditions continue to improve, we expect lead times to come down, which should have a corresponding impact on our backlog
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2023 Q3
16 Jan 24
Our backlog is higher than it normally would be because our lead times are higher than I'd like them to be
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2023 Q3
16 Jan 24
we continue to see strength in most of our end markets
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2023 Q3
16 Jan 24
we now expect our full year 2023 results to be better than we anticipated during our last earnings call
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2023 Q3
16 Jan 24