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6 things we learned from Caterpillar’s 2023 results
19 February 2024
Cat’s 395 large excavator delivers more production and durability with less maintenance than the model it replaced. Photo: Caterpillar
Earlier this week, US construction equipment manufacturer Caterpillar unveiled what it hailed as the best financial year in its history.
Sales at the company as a whole hit a record US$67.1 billion for the year, up 13% on 2022, while operating profit was $13 billion, up 64%.
Caterpillar said the increase in sales reflected higher sales volume, driven by higher sales of equipment to end users, along with its continued ability to command favourable prices for its machines. Higher sales to end users were partially offset by dealers reducing their inventories as machine availability improved – something the company had previously forecast would happen.