Caterpillar CEO Jim Umpleby welcomes "double-digit top-line growth" in Q3

Caterpillar CEO and chairman Jim Umpleby has thanked the construction, quarrying and mining machine giant's global team for delivering "double-digit top-line growth" and "strong adjusted operating profit margin" in the third quarter of 2023.
Loading, Hauling & Excavation / October 31, 2023
By Guy Woodford
Caterpillar CEO Jim Umpleby has praised his company's global team for delivering impressive Q3 growth. Pic: Caterpillar

The world's biggest off-highway equipment maker posted sales and revenues of $16.8 billion, a 12% increase compared with $15 billion in Q3 2022. The company says the increase was primarily due to favourable price realisation and higher sales volume.

Cat D10 dozer
A Caterpillar D10 dozer at work in a quarry. Pic: Caterpillar

"We remain focused on supporting our customers' success and executing our strategy for long-term profitable growth," emphasised Umpleby.

Caterpillar's operating profit margin was 20.5% for the third quarter of 2023, compared with 16.2% for the third quarter of 2022. Adjusted operating profit margin was 20.8% for the third quarter of 2023, compared with 16.5% 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. Adjusted profit per share in the third quarter of 2023 was $5.52, compared with third-quarter 2022 adjusted profit per share of $3.95. Meanwhile, adjusted operating profit margin and adjusted profit per share for both quarters excluded restructuring costs.

For the nine months ended September 30, 2023, Caterpillar's enterprise operating cash flow was $8.9 billion, and the company ended the third quarter with $6.5 billion of enterprise cash. In the quarter, the company paid dividends of $0.7 billion and repurchased $0.4 billion of Caterpillar common stock.


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