Caterpillar Saw Record Sales and Revenue in 2022

Caterpillar, the global manufacturer of construction and mining equipment, announced impressive sales results for its construction industries division and resource industries in the fourth quarter of 2022, leading to a record year of sales and revenue.

The company reported sales of $6.8 billion in the construction industries division during the fourth quarter of 2022, representing a 19% increase of $1.1 billion from the same quarter in 2021. Furthermore, the full-year sales and revenues for 2022 were reported to be $59.4 billion, which indicates an impressive 17% increase from 2021.

Jim Umple by, Caterpillar’s Chairman, and CEO said, “Our global team delivered one of the best years in our nearly 100-year history, including record full-year adjusted profit per share. Despite supply chain challenges, the team achieved double-digit top-line growth and generated strong ME&T free cash flow.”

North America was the primary driver of sales growth for the construction industries division, with a 34% increase in Q4 2022 compared to the same quarter in 2021, totaling $3.5 billion. In comparison, Latin America saw a growth of 39%, albeit at a much lower level than in North America. Sales increased by 10% in Europe, the Middle East, and Africa (EAME), while sales in Asia Pacific decreased by 10% in Q4 2022 compared to the same period last year.

Caterpillar’s resource industries division, which includes mining equipment, saw sales increase by 26% to $3.4 billion in Q4 2022. North America was the primary driver of growth, with sales up by 59% from the same period in 2021. Sales also increased by 21% in Latin America, 12% in EAME, and 5% in Asia Pacific.

The company is committed to serving its customers, executing its strategy, and investing in long-term profitable growth, even amidst supply chain challenges. These impressive results indicate the company’s ability to navigate through uncertain times and continue to deliver strong results for its shareholders.