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.
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.
“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.
