Morningstar DBRS Comments on Caterpillar Inc.'s F2024 Results

DBRS Limited (Morningstar DBRS) notes that Caterpillar Inc. (Caterpillar or the Company) reported F2024 results that were relatively below expectations.

-- Despite the weak results, ratings should remain stable because of Caterpillar's robust business risk profile complemented by its strong financial risk profile.
-- Morningstar DBRS notes Caterpillar's forecast for a weak performance in F2025 but expects the Company's financial and business risk profiles should remain solidly within the current rating category.

"Caterpillar's strong technological capabilities, superior product quality, and world-class manufacturing operations further support its leading market position and strong brand recognition," said Vineet Khattar, Vice President - Corporate Ratings, Diversified Industries. "Additionally, Caterpillar's captive finance subsidiary and large global network of independent dealers provide intensive geographic coverage and strong customer relationships."