Caterpillar has reported a significant jump in revenue through the third quarter of 2023, with a 12-percent increase over 2022 thanks to higher sales volumes and price realization.
Sales and revenue in the third quarter of 2022, ending September 30, 2023, rose to $16.8 billion, up from $15 billion in 2022 for a 12 percent increase overall. Operating profit margin for the third quarter was 20.5 percent, compared to 16.2 percent the year previous, and adjusted profit margin was 20.8 percent, compared to 16.5 percent in 2022. Adjusted profit per share in Q3 of 2023 was $5.52 percent, up from $3.95 in the previous year.
"I'd like to thank our global team for delivering another great quarter, as demonstrated by double-digit top-line growth, strong adjusted operating profit margin, and robust ME&T free cash flow," said Chairman and CEO Jim Umpleby. "We remain focused on supporting our customers' success and executing our strategy for long-term profitable growth."
The Construction Industries segment saw sales of $6.999 billion through Q3, an increase of $723 million year-over-year, primarily due to favourable price realization. North American sales were up due to higher sales volume and favourable price realization, driven by higher sales of equipment to end users and the impact of changes in dealer inventories. Dealers increased inventory more in the third quarter of 2023 than the same period in 2022.
Resource industries reported $3.351 billion, up by $264 million for an increase of 22 percent. Price realization buoyed this segment as well, partially offset by lower sales volume - higher equipment sales were offset by lower aftermarket parts sales volume and dealer inventory changes.
Energy & Transportation reported an 11 percent increase in the quarter, to $6.859 billion in sales and revenue. Oil and gas drove significant increases in this segment.