Caterpillar's full-year sales and revenues in 2022 were $59.4 billion, up 17 percent compared with $51.0 billion in 2021.
The increase reflected favorable price realization and higher sales volume, driven by the impact from changes in dealer inventories, increased services, and higher sales of equipment to end users. Dealers increased their inventories $2.4 billion in 2022, while remaining about flat in 2021. Full-year profit was $12.64 per share in 2022, compared with profit of $11.83 per share in 2021. Adjusted profit per share in 2022 was $13.84, compared with adjusted profit per share of $10.81 in 2021.
Sales and revenues for the fourth quarter of 2022 were $16.6 billion, a 20 percent increase compared with $13.8 billion in the fourth quarter of 2021. Fourth-quarter 2022 profit per share was $2.79, compared with $3.91 profit per share in the fourth quarter of 2021. Adjusted profit per share in the fourth quarter of 2022 was $3.86, compared with fourth-quarter 2021 adjusted profit per share of $2.69. Profit per share in the fourth quarter of 2022 included an unfavorable ME&T foreign currency impact in other income (expense) of $0.41 per share mostly related to balance sheet translation, compared with a favorable impact of $0.01 per share in the fourth quarter of 2021.
“Our global team delivered one of the best years in our nearly 100-year history, including record full-year adjusted profit per share,” said Caterpillar chairman and CEO, Jim Umpleby. “Despite supply chain challenges, the team achieved double-digit top-line growth and generated strong ME&T free cash flow. We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth.”
In 2022, adjusted profit per share excluded a goodwill impairment charge and restructuring costs related to the Rail division, mark-to-market gains for remeasurement of pension and other post-employment benefit (OPEB) plans and other restructuring costs. In 2021, adjusted profit per share excluded mark-to-market gains for remeasurement of pension and OPEB plans and restructuring costs.
Source: Caterpillar
