Caterpillar’s healthy second quarter results

Caterpillar is reporting healthy second quarter results for 2023.
By MJ Woof August 2, 2023 Read time: 2 mins
Caterpillar reports strong demand for its construction machines in the second quarter of 2023

Caterpillar is reporting strong results for the second-quarter of 2023, with revenue increasing 22% to US$17.3 billion. The 22% increase compared well with the $14.2 billion recorded in the second quarter of 2022. The firm explains that the increase was primarily due to higher sales volume and favourable price realisation.

Operating profit margin was 21.1% for the second quarter of 2023, compared with 13.6% for the second quarter of 2022. Adjusted operating profit margin was 21.3% for the second quarter of 2023, compared with 13.8% for the second quarter of 2022. Second-quarter 2023 profit/share was $5.67, compared with second-quarter 2022 profit/share of $3.13. Adjusted profit/share in the second quarter of 2023 was $5.55, compared with second-quarter 2022 adjusted profit/share of $3.18. Second-quarter 2023 and 2022 adjusted operating profit margin and adjusted profit/share excluded restructuring costs. Second-quarter 2023 adjusted profit/share also excluded a discrete tax benefit to adjust deferred tax balances.

For the first half of 2023, enterprise operating cash flow was $4.8 billion, and the company ended the second quarter with $7.4 billion of enterprise cash. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.

“I’m proud of our global team’s strong operational performance in the second quarter. Our results reflect continued healthy demand as we achieved double-digit top-line growth and record adjusted profit per share while generating strong ME&T free cash flow,” said Jim Umpleby, chairman and CEO. “Our team remains committed to serving our customers, executing our strategy and continuing to invest for long-term profitable growth.”

Finance & Funding

For more information on companies in this article

Related Content

  • Flat sales hamper Q3 results for Volvo Construction Equipment
    October 31, 2014
    Volvo Construction Equipment (Volvo CE) reported 9% improvement in North American sales for the third quarter 2014. However, the manufactures said it was not enough to overcome uncertainty and negative growth elsewhere. Net sales in the three months July to September increased to US$1,735 million (SEK 12,582 million), up from $1,692 million (SEK12,278 million) for the same period last year. However, when adjusted for currency movements, net sales were down by 3% during the period. Volvo’s statement said “
    Read More
  • Balfor Beatty selling Parsons Brinckerhoff to WSP Global
    September 5, 2014
    Balfour Beatty is selling its Parsons Brinckerhoff business to WSP Global for US$1.3525 billion (£820 million). Part of the agreement is that $110 million (£67 million) being retained within Parsons Brinckerhoff. With the acquisition of Parsons Brinckerhoff, WSP becomes one of the world’s largest professional services firms. The deal increases WSP’s presence across global emerging markets in Asia and Australasia as well as providing opportunities in the UK market, where Parsons Brinckerhoff is well-establis
    Read More
  • Bhutan road deaths could be reduced
    October 23, 2015
    Bhutan has had some success in controlling road safety but could further reduce its death tool, according to the Global Status Report on Road Safety 2015. The report, published by the World Health Organisation (WHO), says that the country has more than 15 road deaths/100,000 people. This is higher compared than Pakistan at 14.2 deaths/100,000 people and 13.6/100,000 people in Bangladesh. However, India has a higher fatal crash rate than Bhutan with 16.6 deaths/100,000. A total of 3% of the total deaths in B
    Read More
  • Plain sailing for Caterpillar’s PM 300 series
    February 22, 2019
    Caterpillar’s revamped small cold planers have upped the stakes in the urban refurbishing market. World Highways deputy editor David Arminas recently caught up with A.J. Lee, global segment manager, on Spain’s Costa del Sol
    Read More

Highlighted Content