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Energy & Transportation,
E & T
Transcript
2022 Q2
15 Aug 22
Resource Industries
RI
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2022 Q2
15 Aug 22
Construction Industries
CI
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2022 Q2
15 Aug 22
Sales to users were below our expectations largely due to the impact of supply chain constraints. These constraints were mostly due to component shortages, which resulted in production delays and shortfalls against our schedules.
For example, engine control modules have continued to be one of the most significant bottlenecks mostly due to the shortage of semiconductors. We were unable to completely satisfy strong customer demand for our machines and engines and continue to incur additional costs due to factory inefficiencies and freight expenses
semiC shortage hurt deliveries
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2022 Q2
15 Aug 22
djusted operating profit margins will improve both sequentially and year-over-year in the second half of 2022 as our price realization will more than offset manufacturing cost increases.
op mgn to increase sequenyially
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2022 Q2
15 Aug 22
Dealer inventory remains at the low end of the typical range and rental fleets continue to age as dealers prioritize trying to meet the demand from retail customers. Orders remained solid and our backlog grew by approximately $2 billion in the quarter
dealer inv low
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2022 Q2
15 Aug 22
profit margins came in slightly lower than our expectations, mostly due to lower-than-expected volume and unfavorable mix. Price realization more than offset manufacturing cost increases, which occurred earlier in the year than we had anticipated.
price covered cost, but mgn lower than expected vol/mix
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2022 Q2
15 Aug 22
Overall, we remain encouraged by the strong demand in our end markets for our products and services. We're seeing strong momentum in services due to our service initiatives and investments.
As I mentioned at our Investor Day in May, our confidence is increasing that we'll achieve our goal to double services to $28 billion by 2026.
Services in track for 28bn in 2026 -- good demionstrarion of strategic onbjectives
Transcript
2022 Q2
15 Aug 22