Caterpillar posted $15.862 billion in total sales and revenue for the first quarter of 2023, compared to $13.589 billion for the first quarter of 2022, a 16.7-percent increase. Caterpillar said the increase was because of favorable price realization and higher sales volume, offset by unfavorable currency impacts primarily related to the euro, Japanese yen and Australian dollar. The increase in sales volume was driven by higher sales of equipment to end users, partially offset by lower services sales volume.
Operating profit margin was 17.2 percent for the first quarter of 2023, compared with 13.7 percent for the first quarter of 2022. Adjusted operating profit margin was 21.1 percent for the first quarter of 2023, compared with 13.7 percent for the first quarter of 2022.
“We achieved double-digit top-line growth and record adjusted profit per share while generating strong ME&T (Machinery Energy & Transportation) free cash flow,” said Jim Umpleby, chairman and CEO. “Our team remains focused on supporting our customers as we execute our strategy for long-term profitable growth.”
Caterpillar’s Construction Industries segment increased profit by 69 percent; Resource Industries by 112 percent and Energy & Transportation by 96 percent.
