Caterpillar reports one of its ‘best’ years ever in 2022
By Andy BrownFebruary 07, 2023
Caterpillar reports sales for its construction industries division was $6.8 billion in the fourth quarter of 2022, an increase of $1.1 billion - or 19% - compared with the same quarter in 2021.
As a company, full-year sales and revenues in 2022 were $59.4 billion, up 17% compared with $51.0 billion in 2021. Sales and revenues for the fourth quarter of 2022 were $16.6 billion, a 20% increase compared with $13.8 billion in the fourth quarter of 2021.
“Our global team delivered one of the best years in our nearly 100-year history, including record full-year adjusted profit per share,” said Caterpillar Chairman and CEO, Jim Umpleby.
“Despite supply chain challenges, the team achieved double-digit top-line growth and generated strong ME&T free cash flow. We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth.”
In the construction industries division specifically, sales increased strongly in North America, up by 34% in the fourth quarter of 2022 compared to the fourth quarter of last year. Sales in North America in the fourth quarter of 2022 totalled $3.5 billion.
Latin American sales grew 39% from the fourth quarter of last year to this year, albeit from a much lower level than in North America. Europe, the Middle East and Africa (EAME) saw sales increase by 10%, the same percentage that sales dropped by in Asia Pacific in the fourth quarter compared to the same period last year.
The OEM’s resource industries, which includes mining equipment, saw fourth quarter sales increase by 26% to $3.4 billion. The primary driver for this growth was North America, with sales up by 59% in the fourth quarter from the same quarter in 2021. Sales increased in all regions: by 21% in Latin America; 12% in EAME; and 5% in Asia Pacific.