Caterpillar records its best year ever with $67.1 billion in sales and revenue for 2023
Caterpillar has reported record results in its full-year financial results, making 2023 the best year ever in the company's history. Increased sales to end users were one key driving force behind the 13-percent year-over-year growth.
Full-year sales and revenues of $67.1 billion were 13 percent higher than the $59.4 billion reported for 2022, based on higher sales volumes, driven by higher end-user sales, and favourable price realization, offset by changes in dealer inventory. Operating profit margin for 2023 was 19.3 percent, compared to 13.3 percent in 2022, and full-year adjusted profit per share was a record $21.21, compared to $13.84 the year previously.
"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."
The full-year records include a fourth-quarter increase of 3 percent for sales and revenue, to $17.1 billion. The Construction Industries segment reported total sales of $6.195 billion in the fourth quarter, a decline of 5 percent year-over-year due to changes in dealer inventories partially offset by higher sales of equipment to end users. North America saw an increase in sales of 4 percent during the quarter, while other regions dropped from 4 to 25 percent.
Resource industries total sales declined 6 percent overall in the fourth quarter, again due to lower sales volume. North America saw a 9 percent drop in that time frame.
