Caterpillar recorded $17.3 billion in sales and revenues in the second quarter, up 22 percent over the same quarter in 2022. Operating profit margin was 21.1 percent, compared with 13.6 percent in Q2 2022.
The company cited higher sales volume and “price realization” for the gains.
Sales in the company’s construction industries group were $7.2 billion, up 19 percent over Q2 2022. Construction sales in North America grew 32 percent to $4.0 billion due to higher sales volume and favorable price realization. Higher sales volume was driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory decreased during the second quarter of 2022, compared with an increase during the second quarter of 2023.
“I’m proud of our global team’s strong operational performance in the second quarter,” said Jim Umpleby, CEO, in a statement. “Our results reflect continued healthy demand as we achieved double-digit top-line growth and record adjusted profit per share while generating strong ME&T free cash flow.”
Source: Caterpillar
