Caterpillar, the global manufacturer of construction and mining equipment, announced impressive sales results for its construction industries division and resource industries in the fourth quarter of 2022, leading to a record year of sales and revenue.
The company reported sales of $6.8 billion in the construction industries division during the fourth quarter of 2022, representing a 19% increase of $1.1 billion from the same quarter in 2021. Furthermore, the full-year sales and revenues for 2022 were reported to be $59.4 billion, which indicates an impressive 17% increase from 2021.
Jim Umple by, Caterpillar’s Chairman, and CEO said, “Our global team delivered one of the best years in our nearly 100-year history, including record full-year adjusted profit per share. Despite supply chain challenges, the team achieved double-digit top-line growth and generated strong ME&T free cash flow.”
North America was the primary driver of sales growth for the construction industries division, with a 34% increase in Q4 2022 compared to the same quarter in 2021, totaling $3.5 billion. In comparison, Latin America saw a growth of 39%, albeit at a much lower level than in North America. Sales increased by 10% in Europe, the Middle East, and Africa (EAME), while sales in Asia Pacific decreased by 10% in Q4 2022 compared to the same period last year.
Caterpillar’s resource industries division, which includes mining equipment, saw sales increase by 26% to $3.4 billion in Q4 2022. North America was the primary driver of growth, with sales up by 59% from the same period in 2021. Sales also increased by 21% in Latin America, 12% in EAME, and 5% in Asia Pacific.
The company is committed to serving its customers, executing its strategy, and investing in long-term profitable growth, even amidst supply chain challenges. These impressive results indicate the company’s ability to navigate through uncertain times and continue to deliver strong results for its shareholders.