Caterpillar achieves $17.1 bln revenue in Q4 ’23

Caterpillar Inc. said on Monday that it has achieved $17.1 billion in sales and revenues in the fourth quarter of 2023, recording a three per cent increase from $16.6 billion in the same period of 2022.

Full-year sales and revenues in 2023 were $67.1 billion, up 13 per cent compared with $59.4 billion in 2022. The increase reflected favourable price realisation and higher sales volume, driven by higher sales of equipment to end users.

Retail sales in North America were up 11 per cent year on year. Purchases for commercial customers in the Asia Pacific region were down five per cent as China’s troubled property market continues to drag on sales in the region.

“I’m very proud of our global team’s strong performance as they achieved the best year in our 98-year history, including record full-year sales and revenues, record adjusted profit per share and record ME&T free cash flow,” said Caterpillar CEO Jim Umpleby.