Caterpillar posts record annual sales, revenues and adjusted profit per share

Caterpillar set a new company annual sales, revenues and adjusted profit record in 2023.
By Guy Woodford February 7, 2024 Read time: 2 mins
Caterpillar reports strong sales for its construction machines – image © courtesy of Mike Woof


US off-highway equipment giant Caterpillar saw its full-year sales and revenues hit US$67.1 billion, up 13% compared with $59.4 billion in 2022. The increase reflected favourable price realisation and higher sales volume, driven by higher equipment sales to end users. The impact of changes in dealer inventories partially offset the increase. Operating profit margin was 19.3% in 2023, compared with 13.3% in 2022. Adjusted operating profit margin was 20.5% in 2023, compared with 15.4% in 2022.

“I'm very proud of our global team's strong performance as they achieved the best year in our 98-year history, including record full-year sales and revenues, record adjusted profit per share and record ME&T free cash flow,” said Caterpillar chairman and CEO Jim Umpleby. “We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth.”

Caterpillar’s fourth-quarter sales and revenues were US$17.1 billion, a 3% increase compared with $16.6 billion in Q4 2022. The company’s operating profit margin was 18.4% for the quarter, compared with 10.1% for the same period of 2022. Adjusted operating profit margin was 18.9%, compared with 17% for the fourth quarter of 2022.

In 2023,  Caterpillar’s adjusted operating profit margin and adjusted profit per share omitted restructuring costs, which included the impact of the sale of the company's Longwall business and other restructuring costs. 2023 adjusted profit per share also excluded a benefit for certain deferred tax valuation allowance adjustments and mark-to-market gains for remeasurement of pension and other post-employment benefit (OPEB) plans.

For the full year of 2023, Caterpillar’s enterprise operating cash flow was $12.9 billion. During the year, the company repurchased $5 billion of Caterpillar common stock and paid dividends of $2.6 billion. Liquidity remained strong, with an enterprise cash balance of $7 billion at the end of 2023.
 

Finance & Funding

For more information on companies in this article

Related Content

  • Europe and Americas drive increase in Volvo Construction Equipment sales
    July 21, 2021
    Volvo Construction Equipment increased year-on-year net sales by 13% in Q2, driven by higher volumes in Europe, North America and South America.
    Read More
  • Strong first half 2022 for Wacker Neuson
    August 18, 2022
    Revenue in Europe for the first half-year rose 12.1 per cent relative to the previous year.
    Read More
  • Volvo CE bullish
    May 4, 2012
    Swedish-based firm Volvo Construction Equipment (Volvo CE) reports stronger-than-expected increases in demand from customers in Europe and North America. The firm says that this performance has helped boost third quarter sales. Steady sales in many markets having a positive impact on financial performance. Net sales in the three months of July-September rose by 18% to US$2.28 billion, compared with $1.94 billion in the same period last year and when adjusted for currency movements, net sales increased by 27
    Read More
  • Q2 sales down but market share up for Volvo Construction Europe
    July 19, 2016
    Volvo Construction Equipment reports share growth as overall market declines in Q2. Lower demand in most markets outside Europe weighed on Volvo CE’s second quarter 2016 revenue. But this was partially offset by gains in market share in the heavy equipment segment, according to a written statement from the Swedish manufacturer. Adjusted for currency movements, Volvo CE reported net sales down 7% in the second quarter of 2016, impacted by lower demand in most markets outside Europe. Weaker machine sal
    Read More

Highlighted Content