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    Caterpillar 988 Gc Wheel Loader 23 65455d6c055b6
    1. News & Analysis
    2. Wall Street Beat

    Caterpillar Revenues Increase 12.1 Percent in Third Quarter

    Nov. 3, 2023
    The Construction Industries segment increased by 12 percent, Resource Industries jumped 9 percent and Energy & Transportation hiked 11 percent.

    Caterpillar posted third quarter 2023 sales and revenues of $16.810 billion, compared to $14.994 billion for the third quarter of 2022, a 12.1-percent increase. Operating profit margin was 20.5 percent for the third quarter of 2023, compared with 16.2 percent for the third quarter of 2022. Third quarter 2023 profit per share was $5.45, compared with third quarter 2022 profit per share of $3.87.

    The increase was because of favorable price realization and higher sales volume, the company said, driven by higher sales of equipment to end users, partially offset by the impact from changes in dealer inventories and lower service sales volume. Dealer inventory increased more during the third quarter of 2022 than during the third quarter of 2023.

    Sales were higher in all three primary Caterpillar segments.

    The Construction Industries segment increased by 12 percent, Resource Industries jumped 9 percent and Energy & Transportation hiked 11 percent. Profit increased 53 percent, 44 percent and 26 percent, respectively, in the three categories.

    In North America, sales increased 31 percent because of higher sales volume and favorable price realization. Sales decreased in Latin America by 31 percent, driven by the impact from changes in dealer inventories and lower sales to end users. In Europe Africa and the Middle East sales increased by 8 percent. In Asia/Pacific, sales decreased 8 percent primarily because of lower sales to end users.

    For the first nine months of 2023, sales and revenue totaled $49.990 billion compared to $42.830 billion during the first nine months of 2022, a 16.7-percent increase.

    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.