Caterpillar is reporting strong results for the second-quarter of 2023, with revenue increasing 22% to US$17.3bn.
The 22% increase compared well with the US$14.2bn recorded in the second quarter of 2022. The construction and quarrying equipment firm explains that the increase was primarily due to higher sales volume and favourable price realisation.
Operating profit margin was 21.1% for the second quarter of 2023, compared with 13.6% for the second quarter of 2022. Adjusted operating profit margin was 21.3% for the second quarter of 2023, compared with 13.8% for the second quarter of 2022. Second-quarter 2023 profit/share was US$5.67, compared with second-quarter 2022 profit/share of US$3.13. Adjusted profit/share in the second quarter of 2023 was US$5.55, compared with second-quarter 2022 adjusted profit/share of US$3.18. Second-quarter 2023 and 2022 adjusted operating profit margin and adjusted profit/share excluded restructuring costs. Second-quarter 2023 adjusted profit/share also excluded a discrete tax benefit to adjust deferred tax balances.
For the first half of 2023, enterprise operating cash flow was US$4.8bn, and the company ended the second quarter with US$7.4bn of enterprise cash. In the quarter, the company repurchased US$1.4bn of Caterpillar common stock and paid dividends of US$0.6bn.
“I’m proud of our global team’s strong operational performance in the second quarter. Our results reflect continued healthy demand as we achieved double-digit top-line growth and record adjusted profit per share while generating strong ME&T free cash flow,” said Jim Umpleby, chairman and CEO. “Our team remains committed to serving our customers, executing our strategy and continuing to invest for long-term profitable growth.”
