EQUIPMENT giant Caterpillar has announced Q2 2023 sales and revenues of $17.3 billion – a 22% increase compared with $14.2 billion during the same period last year.
The manufacturer has attributed the rise primarily to higher sales volume and ‘favourable price realisation’.
Operating profit margin was 21.1% for the quarter, up from 13.6% 12 months earlier. Adjusted operating profit margin was 21.3% compared with 13.8% in Q2, 2022.
Profit per share was $5.67 for the quarter, compared with $3.13 in 2022.
For the first half of 2023, Cat revealed that enterprise operating cash flow was $4.8 billion, and the company ended the second quarter with $7.4 billion of enterprise cash. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.
Jim Umpleby, chairman and CEO, said, “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.
“Our team remains committed to serving our customers, executing our strategy and continuing to invest for long-term profitable growth.”
