Caterpillar Inc recently announced second-quarter 2023 (Q2) sales and revenues of $17.3 billion, a 22% increase compared with $14.2 billion in Q2 2022. The increase was primarily due to higher sales volumes and ‘favourable price realisation’.
Operating profit margin was 21.1% for Q2 2023, compared with 13.6% for Q2 2022 (adjusted operating profit margin was 21.3% for Q2 2023, compared with 13.8% for Q2 2022). Q2 2023 profit per share was $5.67, compared with Q2 2022 profit per share of $3.13. Adjusted profit per share in Q2 2023 was $5.55, compared with Q2 2022 adjusted profit per share of $3.18 (Q2 2023 and 2022 adjusted operating profit margin and adjusted profit per share excluded restructuring costs; Q2 2023 adjusted profit per 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.
Jim Umpleby, Caterpillar’s chairman and CEO, said: “I am 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. Our team remains committed to serving our customers, executing our strategy and continuing to invest for long-term profitable growth.”
With 2022 sales and revenues of $59.4 billion, Caterpillar Inc is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company does business on every continent, principally operating through three primary segments — construction industries, resource industries, and energy and transportation.