Drop in Sales on Year

CATERPILLAR INC 15 October 1999 CATERPILLAR REPORTS THIRD-OUARTER PROFIT PER SHARE OF 61 CENTS PEORIA, Ill. -- Caterpillar Inc. (NYSE: CAT) today reported third-quarter sales and revenues of $4.72 billion, $458 million lower than third-quarter 1998. The decrease was primarily due to an 8 percent decline in physical sales volume, partially offset by a 10 percent increase in Financial Products revenues Profit of $219 million or 61 cents per share, was $117 million less than 1998's third quarter of $336 million. The decrease was due primarily to lower sales volume, lower price realization and an unfavorable change in product sales mix. Lower selling, general and administrative (SG&A) and research and development (R&D) costs partially offset these unfavorable item. 'Lower retail sales in several key geographic and industry segments caused a decline in company sales this quarter,' said Caterpillar Chairman and CEO Glen Barton. 'While sales of large machines remained weak, truck engine sales continued at historic high levels and demand for large reciprocating, engines is picking up. The diversity of our business continues to provide positive contributions to results and the organization has demonstrated its ability to effectively manage costs during a period of lower volume-' 'We expect company sales and revenues to decline about 5 percent in 1999 from the record level set in 1998. In 2000, better worldwide growth, higher commodity prices and less dealer inventory reduction should generate higher sales for both machines and engines.' DETAILED ANALYSIS THIRD-QUARTER 1999 COMPARED WITH THIRD-OUARTER 1998 Sales and revenues for third-quarter 1999 were $4.72 billion, $458 million lower than third-quarter 1998. The decrease was primarily due to an 8 percent decrease in physical sales volume, partially offset by a 10 percent increase in Financial Products revenues. Profit of $219 million was $117 million less than third-quarter 1998. The decrease was due primarily to lower sales volume, lower price realization (primarily geographic mix) and an unfavorable change in product sales mix. Lower selling, general and administrative (SG&A) and research and development (R&D) costs, as well as higher other income (primarily foreign exchange) partially offset these unfavorable items. Profit per share of 61 cents was down 31 cents from third-quarter 1998. MACHINERY AND ENGINES Sales Table North Latin Asia/ (Millions of dollars) Total America EAME* America Pacific Third-Ouarter 1999 Machinery $2,661 $1,373 $737 $205 $346 Engines** 1,761 925 493 173 170 $4,422 $2,298 $1,230 $378 $516 Third-Ouarter 1998 Machinery $3,229 $1,963 $733 $299 $234 Engines** 1,677 795 589 150 143 $4,906 $2,758 $1,322 $449 $377 * Europe, Africa & Middle East and Commonwealth of Independent States ** Does not include internal engine transfers of $281 million and $319 million in 1999 and 1998, respectively. Internal engine transfers are valued at prices comparable to those for unrelated parties. HIGHLIGHTS THIRD-OUARTER 1999 COMPARED WITH THIRD-OUARTER 1998 * Sales and revenues of $4.72 billion were $458 million or 9 percent lower than the third-quarter 1998. * Revenues from Financial Products increased 10 percent. * Sales inside the United States were 47 percent of world-wide sales compared with 51 percent a year ago. * Machinery and Engines SG&A and R&D expenses were reduced 8 percent and 7 percent, respectively, from third-quarter 1998. * Profit of $219 million and profit per share of 61 cents were down 35 percent and 34 percent, respectively, from third-quarter 1998. Profit per share continues to benefit from the company's share repurchase programs. * 1.2 million shares were repurchased during the quarter under the program announced in October 1998 to reduce the number of shares outstanding to 320 million within the next three to five years. On September 30, 1999 there were 354.6 million shares outstanding (359.2 million assuming dilution). OUTLOOK We expect full-year 1999 sales and revenues to be lower than previously anticipated, about 5 percent below 1998, and profit per share to be about $3.00. Based on our preliminary outlook, increases in both sales and profits are expected in 2000. DETAILED ANALYSIS THIRD-QUARTER 1999 COMPARED WITH THIRD-QUARTER 1998 Sales and revenues for third-quarter 1999 were $4.72 billion, $458 million lower than third-quarter 1998. The decrease was primarily due to an 8 percent decrease in physical sales volume, partially offset by a 10 percent increase in Financial Products revenues. Profit of $219 million was $117 million less than third-quarter 1998. The decrease was due primarily to lower sales volume, lower price realization (primarily geographic mix) and an unfavorable change in product sales mix. Lower selling, general and administrative (SG&A) and research and development (R&D) costs, as well as higher other income (primarily foreign exchange) partially offset these unfavorable items. Profit per share of 61 cents was down 31 cents from third-quarter 1998. MACHINERY AND ENGINES Sales Table (Millions of dollars) North Latin Asia/ Total America EAME* America Pacific Third-Quarter 1999 Machinery $2,661 $1,373 $737 $205 $346 Engines ** 1,761 925 493 173 170 $4,422 $2,298 $1,230 $378 $516 Third-Ouarter 1998 Machinery $3,229 $1,963 $733 $299 $234 Engines ** 1,677 795 589 150 143 $4,906 $2,758 $1,322 $449 $377 * Europe, Africa & Middle East and Commonwealth of Independent States ** Does not include internal engine transfers of $281 million and $319 million in 1999 and 1998, respectively. Internal engine transfers are valued at prices comparable to those for unrelated parties. Machinery sales were $2.66 billion, a decrease of $568 million or 18 percent from third-quarter 1998. The lower sales resulted primarily from a 14 percent decrease in physical sales volume due to lower sales to end users and a larger reduction in dealer new machine inventory than occurred in the third quarter last year. Price realization also declined primarily due to unfavorable geographic mix. Sales rose in the Asia/Pacific region, remained near year-earlier levels in EAME and declined elsewhere. In North America, sales fell due to lower retail industry demand and the reduction of dealer new machine inventories. In EAME, higher retail demand led to higher sales in Europe while the opposite occurred in Africa & Middle East and Commonwealth of Independent States (CIS). In the Asia/Pacific region, sales were higher due to a reversal of last year's reduction in dealer new machine inventories and improved retail demand. In Latin America, sales were lower due to the decline in retail industry demand. Engine sales were $1.76 billion, an increase of $84 million from third-quarter 1998, reflecting a 4 percent increase in physical sales volume and slightly better price realization (primarily geographic mix). Sales were up in North America, Asia/Pacific and Latin America reflecting higher sales in on-highway truck and power generation applications. Sales of large engines into the petroleum sector were lower due to the impact of last year's drop in oil prices. In North America, sales were up in both the United States and Canada due to the very strong on-highway truck market and an increased share of industry sales, as well as higher demand for power generation applications. Sales were lower in EAME reflecting the impact of weak growth in Africa & Middle East, low oil prices, and continued weakness in the agricultural equipment sector. Sales were up in Asia/Pacific as higher sales of reciprocating engines more than offset a decline in turbine engines. In Latin America, sales began to improve from last year's levels as economic growth picked up. Operating Profit Table (Millions of dollars) Third-Ouarter Third-Ouarter 1999 1998 Machinery $160 $344 Engines 141 106 ------------- ------------- $301 $450 Caterpillar operations are highly integrated; therefore, the company uses a number of allocations to determine lines of business operating profit. Machinery operating profit decreased $184 million, or 53 percent from third-quarter 1998. Margin (sales less cost of goods sold) declined primarily due to the lower sales volume and price realization, as well as the impact of lower production volumes on manufacturing efficiencies. SG&A and R&D expenses were lower reflecting the impact of ongoing cost reduction actions. Engine operating profit increased $35 million, or 33 percent from third-quarter 1998 due to the higher sales volume and slightly better price realization. SG&A and R&D expenses were about the same. Interest expense was $3 million higher than a year ago. Other income/expense reflects a net increase in income of $23 million due mostly to a favorable change in foreign exchange gains and losses. FINANCIAL PRODUCTS Revenues for the third quarter were $326 million, up $30 million or 10 percent compared with third-quarter 1998. The increase resulted primarily from continued growth in Cat Financial's portfolio. Before tax profit decreased $15 million or 19 percent from third-quarter 1998. Less favorable reserve adjustments at Caterpillar Insurance Co. Ltd. (Cat Insurance) were the principal cause of the lower profit. INCOME TAXES Third-quarter 1999 tax expense reflects an effective annual tax rate of 32 percent. Third-quarter 1998 tax expense reflected a 32 percent rate and a favorable adjustment of $13 million to recognize the impact of a tax rate change from 33 percent to 32 percent for the first six months of 1998. UNCONSOLIDATED AFFILIATED COMPANIES The company's share of unconsolidated affiliated companies' results declined $7 million from a year ago, primarily due to weaker results at Shin Caterpillar Mitsubishi Ltd. and the conversion of F.G. Wilson from an affiliated company to a consolidated subsidiary. SUPPLEMENTAL INFORMATION Dealer Machine Sales to End Users and Deliveries to Dealer Rental Operations Sales and deliveries in North America were below third-quarter 1998 levels. Sales were lower in both the United States and Canada reflecting lower industry demand. Sales were lower in all sectors except metals mining. Slower growth in dealer rental operations also contributed to lower deliveries. Sales and deliveries in the EAME region declined slightly as lower sales in Africa & Middle East and CIS more than offset higher sales in Europe. Germany, France, Italy, Spain and the United Kingdom all posted higher sales while South Africa, Turkey and Russia posted lower sales. For EAME as a whole, sales were lower in most applications, with the exception of highway construction and forestry where sales were higher. The decrease in sales was partially offset by higher deliveries to dealer rental operations. Sales and deliveries in Latin America fell due to recession and weak growth throughout much of the region over the past year. Sales in the third quarter were lower in all key countries, except Peru, where sales improved. Sales were lower in most major applications. Sales and deliveries in Asia/Pacific exceeded year-earlier levels as higher sales in developing countries and Japan more than oftset lower sales in Australia. Sales were higher in India, Indonesia, China, Korea, Malaysia and Thailand. For the region as a whole, sales were higher in key applications except metals mining, industrial and petroleum. Dealer Inventories of New Machines Worldwide dealer new machine inventories at the end of the third quarter were lower than a year ago and about normal relative to current selling rates Inventories were lower in Latin America, EAME and Asia/Pacific, and virtually unchanged in North America. At quarter's end, inventories compared with current selling rates were slightly below normal in Asia/Pacific, moderately below normal in EAME, and moderately above normal in Latin America. Inventories in North America, although still declining, were slightly above normal compared with current selling rates. Engine Sales to End Users and OEMs Sales in North America were up as higher demand for on-highway truck engine and power generation applications more than offset lower demand in the petroleum and marine sectors. Sales of on-highway truck engines continued to be very strong due to record industry demand and our increased share of industry sales. Consequently, reciprocating engine sales were up in both the United States and Canada. Turbine engine demand, however, was lower due principally to the impact of low oil prices late last year and early this year on sales into the petroleum sector. Sales in EAME were down due to lower sales in both Europe and Africa & Middle East. Weak growth in Africa & Middle East and last year's low oil prices contributed to a decline in turbine engine sales to the petroleum sector. Sales in Latin America were lower due to a decline in turbine engine demand reflecting the impact of low oil prices. Sales of reciprocating engines remained near last year's level. Higher sales into the on-highway truck engine sector were more than offset by lower sales into the petroleum and power generation sectors. Sales in Asia/Pacific also declined due to the impact of low oil prices as a decrease in petroleum sector sales more than offset an increase in sales to the power generation and marine markets. CONDENSED CASH FLOW Net free cash flow (profit after tax adjusted for depreciation, changes in working capital, capital expenditures, and dividends) for Machinery and Engines was $569 million for 1999, a decrease of $888 million from 1998. This decrease was primarily due to lower profit after tax and an unfavorable change in working capital. The unfavorable change in working capital reflects lower benefits from the revolving sale of receivables to Cat Financial, partially offset by the positive impact of a reduction in inventory. For the Nine Months Ended (Millions of dollars Consolidated Machinery & Engines * Sept 30, Sept 30, Sept 30, Sept, 30, 1999 1998 1999 1998 Profit after tax $707 $1,212 $707 $1,212 Depreciation and 702 652 559 532 amotization Change in working capital - excluding cash, debt and dividends payable (565) (1,854) 56 516 Capital expenditures excluding equipment leased to others (438) (520) (435) (516) Expenditures for equipment leased to others, net of disposals (150) (150) 12 6 Dividends paid (330) (293) (330) (293) --------------------------------------------- Net Free Cash Flow (74) (953) 569 1,457 Other significant cash flow items: Treasury shares purchased (218) (491) (218) (491) Net (increase) decrease in long-term finance (388) (874) - - receivables Net increase (decrease) 1,143 3,663 235 609 in debt Investments and acquisitions - (net of cash acquired) (282) (1,326) (258) (1,326) Prefunding of employee benefit plans - - - - Other (258) (76) (410) (328) Change in cash and short-term Investments $(77) $(57) $(82) $(79) CONDENSED CASH FLOW For the Nine Months Ended (Millions of dollars) Financial Products Sept. 30, Sept. 30, 1999 1998 Profit after tax $125 $141 Depreciation and 143 120 amortization Change in working capital - excluding cash, debt and dividends payable (620) (2,370) Capital expenditures excluding equipment leased (3) (4) to others Expenditures for equipment leased to others, net of disposals (162) (156) Dividends paid (36) (49) -------------------------- Net Free Cash Flow (553) (2,318) Other significant cash flow items: Treasury shares purchased - - Net (increase) decrease in long-term finance (388) (874) receivables Net increase (decrease) 908 3,054 in debt Investments and acquisitions - (net of cash acquired) (24) - Prefunding of employee benefit plans - - Other 62 160 Change in cash and short-term Investments $5 $22 *Represents Caterpillar Inc. and its subsidiaries, except for Financial Products which is accounted for on the equity basis. Note: Lines titled 'Change in working capital - excluding cash, debt and dividends payable' and 'Capital Expenditures excluding equipment leased to others' exclude $88 million and $91 million, respectively, included in the 'Investments and acquisitions - (net of cash acquired)' and 'Other' lines for the nine months ended September 30, 1999; Lines titled 'Change in working capital - excluding cash, debt and dividends payable' and 'Capital expenditures excluding equipment leased to others ' exclude $10 million and $368 million, respectively, included in the 'Investments and acquisitions - ( net of cash acquired)' line for the nine months ended September 30,1998. EMPLOYMENT At the end of the third quarter, Caterpillar's worldwide employment was 67,302 compared with 66,223 one year ago. Acquisitions added 2,517 during, this period. OUTLOOK Summary Company sales and revenues for 1999 are forecast to be lower than previously anticipated, about 5 percent below 1998 levels as lower machine sales will more than offset higher engine sales. The decline in machine sales reflects significant dealer inventory reduction and weaker retail demand in North America, recession in Latin America, pronounced weakness in Africa & Middle East and the impact of low commodity prices on worldwide sales into the mining, oil, agricultural and forestry sectors. Engine sales are up in North America (particularly for on-highway trucks) and in Asia/Pacific, but the increase will not be sufficient to offset the decline in worldwide machine sales. In total, company sales are expected to exceed last year's level in Asia/Pacific, decline slightly in North America and EAME, and decline significantly in Latin America- Given this sales forecast, profit per share is expected to be about $3.00. North America In North America, engine sales are forecast to register another year of outstanding growth, primarily due to continued very strong demand for on-highway truck engines. Engine sales are also forecast to be higher for power generation applications. Machine sales, however, will be lower due to a significant reduction in dealer new machine inventory and to a decline in retail industry demand. For construction and mining equipment, industry sales are expected to be down about 10 percent reflecting the impact of low worldwide commodity prices as well as lower demand in most construction sectors. Sales into the agricultural sector will be down more sharply due to continued depressed commodity prices. In addition, the six-year Federal highway bill has not boosted United States sales this year as much as anticipated due to delays in getting major capital projects underway, although the benefit is still expected in 2000 and 2001. Machine sales in Canada this year will also be down, reflecting the impact of high interest rates late last year and lower commodity prices. In total, company sales for North America will be down this year, as lower machine sales will more than offset higher engine sales. EAME In Western Europe, economic growth has picked up in the second half, particularly in the United Kingdom and Germany. For the year as a whole, machine sales are forecast to be higher due primarily to an increased share of industry sales although unit industry demand will also be up. Engine sales, however, are still expected to be down reflecting weakness in OEM markets, especially for agricultural equipment. In Africa & Middle East, weak growth and low commodity prices will result in lower sales for both machines and engines. Current oil prices should boost sales next year. Sales also will be lower in Russia. For the region as a whole, company sales are forecast to be down primarily due to weakness in Africa & Middle East. Latin America The region is slowly recovering from recessions experienced by many countries over the last fifteen months. Higher oil prices will help a number of countries and interest rates have come down substantially. Mexico is registering solid growth and the Brazilian economy is recovering faster than expected. Venezuela, Chile and Peru are emerging from recession and Argentina has stopped contracting. Colombia and Ecuador have not improved. Demand has recently begun to pick up for the region as a whole, but company sales will still be considerably lower for the year due to the significant decline year-to-date for both machines and engines. Asia/Pacific Recovery has been stronger than expected for both developing Asia and Japan this year. Gross Domestic Product (GDP) for developing Asia is now forecast to grow 5 percent this year and even Japan is now expected to register some growth. In developing Asia, this strong growth combined with infrastructure spending in China should lead to higher sales of both machines and reciprocating engines. Turbine demand, however, is significantly lower due to project delays. In Japan, business conditions are expected to remain relatively weak despite some growth in the economy, keeping industry demand for machines near 1998 levels. In Australia, continued good economic growth should keep sales near last year's level. For the region as a whole, company sales are forecast to be up due to higher industry demand and the expectation that dealers will end the year with more inventory than a year ago. Preliminary 2000 Outlook In North America, United States GDP growth of 3 percent should lead to another year of very strong engine sales, particularly for on-highway trucks. Industry demand for machines is expected to increase moderately in Canada and decline slightly in the United States, but company machine sales are forecast to increase as shipments come back into line with retail demand. In EAME, sales should increase as the Africa & Middle East region begins to recover and as demand continues to grow in Europe where GDP growth is forecast to approach 3 percent. In Latin America, economic recovery should boost GDP growth to 3 to 4 percent, leading to higher sales throughout most of the region. In Asia/Pacific, higher sales are forecast for developing Asia as recovery continues and GDP growth remains near 5 percent. Sales in Australia are projected to decline slightly from 1999 levels as economic growth moderates, while demand in Japan should improve from very depressed levels. In summary, company sales are forecast to improve in 2000 due to better worldwide growth, higher commodity prices and less dealer inventory reduction. Higher sales are expected in all regions for both machines and engines. Considering this sales forecast, profit is expected to improve from 1999 levels. The information included in the Outlook section is forward looking and involves risks and uncertainties that could significantly affect expected results. A discussion of these risks and uncertainties is contained in Form 8-K filed with the Securities & Exchange Commission (SEC) on October 15, 1999. That filing is available from the SEC web site at http://www.sec.gov/cgi-bin/srch-edgar. Caterpillar's latest financial results and current outlook are also available via: Telephone: (800) 228-7717 (Inside the United States and Canada) (201) 332-8602 (Outside the United States and Canada) Internet: http://www.CAT.com Caterpillar contact: Marsha Hausser Corporate Public Affairs (309) 675-1307 E-mail: hausser_marsha_m@cat.com Note: Information contained on our website is not incorporated by reference into this release. CATERPILLAR INC. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED (Millions of dollars except per share data) Consolidated Machinery & Engines * Sept 30, Sept 30, Sept 30, Sept, 30, 1999 1998 1999 1998 Sales and revenues Sales of Machinery $4,422 $4,906 $4,422 $4,906 and Engines Revenues of Financial Products 293 267 - - ------ ------- ------- ------ Total sales and revenues 4,715 5,173 4,422 4,906 ------ ------- ------- ------ Operating costs: Cost of goods sold 3,470 3,748 3,470 3,748 Selling, general, and administrative expenses 616 631 500 545 Research and development expenses 151 163 151 163 Interest expense of Financial Products 142 135 - - ------- ------- ------ ------ Total operating costs 4,379 4,677 4,121 4,456 ------- ------- ------ ------ Operating Profit 336 496 301 450 Interest expense excluding Financial Products 71 68 71 68 Other income (expense) 62 43 33 10 Consolidated profit 327 471 263 392 before taxes Provision for income taxes 104 138 81 108 Profit of consolidated 223 333 182 284 companies Equity in profit of (4) 3 (4) 3 unconsolidated affiliates Equity in profit of Financial - - 41 49 Products subsidiaries Profit $219 $336 $219 $336 EPS of common stock $0.62 $0.93 EPS of common stock $0.61 $0.92 - assuming dilution Weighted average shares outstanding (thousands) Basic 355,042 361,908 Assuming dilution 359,876 366,765 Financial Products Sept 30, Sept 30, 1999 1998 Sales and revenues Sales of Machinery $- $- and Engines Revenues of Financial 326 296 Products ------ ------ Total sales and revenues 326 296 ------ ------ Operating costs: Cost of goods sold - - Selling, general, and 124 94 administrative expenses Research and development - - expenses Interest expense of Financial Products 149 136 ------ ------ Total operating costs 273 230 ------ ------ Operating Profit 53 66 Interest expense excluding - - Financial Products Other income (expense) 11 13 Consolidated profit 64 79 before taxes Provision for income taxes 23 30 Profit of consolidated 41 49 companies Equity in profit of unconsolidated affiliates - - Equity in profit of Financial - - Products subsidiaries Profit $41 $49 * Represents Caterpillar Inc. and its subsidiaries, except for Financial Products which is accounted for on the equity basis. Transactions between Machinery and Engines and Financial Products have been elimated to arrive at the Consolidated data. CATERPILLAR INC. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED (Millions of dollars except per share data) Consolidated Machinery & Engines * ----------------------- ----------------------- Sept. 30, Sept. 30, Sept. 30, Sept. 30, 1999 1998 1999 1998 ----------------------- ----------------------- Sales and revenues: Sales of Machinery & Engines $13,841 $14,836 $13,841 $14,836 Revenues of Financial Products 842 735 - - --------- --------- --------- ---------- Total sales and revenues 14,683 15,571 13,841 14,836 --------- --------- --------- ---------- Operating costs: Cost of goods sold 10,791 11,060 10,791 11,060 Selling, general, and administrative expenses 1,901 1,852 1,567 1,605 Research and development expenses 458 483 458 483 Interest expense of Financial Products 407 357 - - --------- --------- --------- ---------- Total operating costs 13,557 13,752 12,816 13,148 --------- --------- --------- ---------- Operating Profit 1,126 1,819 1,025 1,688 Interest expense excluding Financial Products 203 198 203 198 Other income (expense) 127 145 31 52 --------- --------- --------- ---------- Consolidated profit before taxes 1,050 1,766 853 1,542 Provision for income taxes 336 565 264 482 --------- --------- --------- ---------- Profit of consolidated companies 714 1,201 589 1,060 Equity in profit of unconsolidated affiliates (7) 11 (7) 11 Equity in profit of Financial Products subsidiaries - - 125 141 --------- --------- --------- ---------- Profit $707 $1,212 $707 $1,212 --------- --------- --------- ---------- EPS of common stock $1.99 $3.32 --------- --------- EPS of common stock - assuming dilution $1.97 $3.28 --------- --------- --------- ---------- Weighted average shares outstanding (thousands) Basic 355,772 364,785 Assuming dilution 359,897 370,022 Financial Products ------------------------- Sept. 30, Sept. 30, 1999 1998 ------------------------- Sales and revenues: Sales of Machinery & Engines $ - $ - Revenues of Financial Products 944 812 --------- --------- Total sales and revenues 944 812 --------- --------- Operating costs: Cost of goods sold - - Selling, general, and administrative expenses 356 267 Research and development expenses - - Interest expense of Financial Products 425 365 --------- --------- Total operating costs 781 632 --------- --------- Operating Profit 163 180 Interest expense excluding Financial Products - - Other income (expense) 34 44 --------- --------- Consolidated profit before taxes 197 224 Provision for income taxes 72 83 --------- --------- Profit of consolidated companies 125 141 Equity in profit of unconsolidated affiliates - - Equity in profit of Financial Products subsidiaries - - --------- --------- Profit $125 $141 --------- --------- EPS of common stock EPS of common stock - assuming dilution Weighted average shares outstanding (thousands) Basic Assuming dilution * Represents Caterpillar Inc. and its subsidiaries, except for Financial Products which is accounted for on the equity basis. Transactions between Machinery and Engines and Financial Products have been eliminated to arrive at the Consolidated data. CATERPILLAR INC. CONDENSED FINANCIAL POSITION (millions of dollars) Consolidated (Caterpillar Inc. and Subsidiaries) Sept. 30, Dec. 31, Sept. 30, 1999 1998 1998 --------- -------- --------- Assets Current assets: Cash and short-term investments $283 $360 $235 Receivables - trade and other 3,399 3,660 3,605 Receivables - finance 4,289 3,516 3,862 Deferred income taxes 563 474 432 Prepaid expenses 724 607 536 Inventories 2,719 2,842 3,116 -------- -------- -------- Total current assets 11,977 11,459 11,786 Property, plant, and equipment - net 4,936 4,866 4,517 Long-term receivables - trade and other 97 85 124 Long-term receivables - finance 5,446 5,058 4,755 Investments in unconsolidated affiliated companies 518 773 769 Deferred income taxes 925 955 1,002 Intangible assets 1,563 1,241 1,236 Other assets 997 691 945 -------- -------- -------- Total Assets $26,459 $25,128 $25,134 -------- -------- -------- Liabilities Current liabilities: Short-term borrowings: - Machinery & Engines $60 $49 $47 - Financial Products 151 760 536 Accounts payable 2,102 2,250 2,366 Accrued expenses 1,094 928 946 Accrued wages, salaries, and employee benefits 1,089 1,217 1,125 Dividends payable - 107 - Deferred and current income taxes payable 67 15 97 Long-term debt due within one year: - Machinery & Engines 152 60 69 - Financial Products 2,885 2,179 1,853 -------- -------- -------- Total current liabilities 7,600 7,565 7,039 Long-term debt due after one year: - Machinery & Engines 3,125 2,993 2,967 - Financial Products 7,222 6,411 6,759 Liability for post-employment benefits 2,620 2,590 2,714 Deferred income taxes and other liabilities 494 438 485 -------- -------- -------- Total Liabilities 21,061 19,997 19,964 -------- -------- -------- Stockholders' Equity Common stock 1,044 1,063 1,066 Profit employed in the business 6,608 6,123 6,037 Accumulated other comprehensive income (19) 1 52 Treasury stock (2,235) (2,056) (1,985) -------- -------- -------- Total Stockholders' Equity 5,398 5,131 5,170 -------- -------- -------- Total Liabilities and Stockholders' Equity $26,459 $25,128 $25,134 -------- -------- -------- Certain amounts for 1998 have been reclassified to conform with the 1999 financial statement presentation.

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