Caterpillar Posts $65 Billion in Sales for 2024

Jan. 30, 2025
Construction sales dropped 5% for the year.
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Caterpillar full-year sales were down 3% to $64.8 billion in fiscal year 2024. Sales the previous year topped $17 billion. Caterpillar cited lower sales volume to end users that was partially offset by price increases.

Operating profit for the year was up slightly to 20.2%, compared with 19.3% last year. Profit per share was up 9% to $22.05.

Jim Umpleby, chairman/CEO, said that although the “top line” decreased, service revenue continued to rise. Service revenue increased to $24 billion in 2024, 4% higher than 2023, and he said the company expects continued growth in 2025. Caterpillar has 1.5 million connected assets, he said, and two-thirds of new equipment was sold with a customer value agreement (CVA).  

Caterpillar fourth quarter 2024 results

Financial data for the fourth quarter show a 5% decrease in sales compared to the same period a year ago to $16.2 billion. Sales volume was down to both dealers and end users. Sales in the Construction segment were down 8% to $6.5 billion. Construction sales in North America were down 14% for the quarter to $3.2 billion, whereas sales in the Energy & Transportation (E&T) group jumped 6% to $3.5 billion.

Overall, profits in the Construction segment dropped 24% to $1.2 billion, compared to $1.5 billion in the same period a year ago. E&T profits were up 3% to $1.5 billion.

The company said Construction sales and profits were down due to “unfavorable price realization.” Lower sales volume to end users and decreases in dealer inventory also affected sales in Construction. In North America, dealer inventory decreased less than it did in Q4 2023.


Caterpillar 2025 outlook

  • Expect 2025 full-year sales to be slightly lower than 2024
  • Expect 1Q 2025 sales to be lower than 1Q 2024
  • Expect 1Q 2025 sales to account for a lower percentage of full-year sales than is typical by about 100 basis points
  • Anticipate another year of growth in services
  • Do not anticipate a significant change in dealer inventory by the end of 2025
  • Expect to build less dealer inventory during 1Q 2025 than the $1.1 billion build in 1Q 2024
  • Expect 2025 full-year adjusted operating profit margin to be in the top half of the target range
About the Author

Rod Sutton

Sutton has served as the editorial lead of Construction Equipment magazine and ConstructionEquipment.com since 2001. 

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