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    Caterpillar December 2022 Wheel Loader 645d17b665e7c
    1. News & Analysis
    2. Wall Street Beat

    Caterpillar Reports 16.7 Percent Hike in Sales & Revenue in First Quarter

    May 11, 2023
    The increase in sales volume was driven by higher sales of equipment to end users, partially offset by lower services sales volume.

    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.

    About the Author

    Michael Roth | Editor

    Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.