Construction sector sales and revenue was up 19 percent in Q4 of 2022 as Caterpillar posted strong results through the end of the year.
2022 proved to be a strong year for Caterpillar, which posted sales and revenue increases of 17 percent in its full year results, buoyed by a 20 percent uptick in the fourth quarter.
Cat reported total full year sales and revenues of $59.4 billion, an increase from $51.0 billion in 2021, the results of higher sales volumes and favourable price realization, driven by impacts from changes in dealer inventories, increased services and higher sales of equipment to end users. Dealers reported increased inventories of $2.4 billion through the year, compared to inventories remaining flat in 2021.
The fourth quarter of 2022 saw Cat bring in $16.6 billion in sales and revenues, up 20 percent from the previous year’s Q4.
“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.”
The Construction Industries segment saw total sales of $6.845 billion in the fourth quarter, up by more than $1.1 billion for an increase of 19 percent. North America saw an increase in sales due to dealer inventory changes and higher sales to end users.