Caterpillar third-quarter sales reached $16.8 billion, up 12% from the $15.0 billion reported in Q3 2022. The company said the increase was due to “favorable price realization” and higher sales volume. Dealer inventory, however, was lower than in 2022, and service sales volume dropped.

Sales in North America totaled $8.9 billion, up 25% from the $1.6 billion recorded in Q3 2022. Construction accounted for $4.1 billion, up 31% from the same period a year ago, driven by higher sales volume to end users and the impact from changes in dealer inventories. Dealer inventory increased more during Q3 2023 than during the Q3 of 2022.

Total construction sales for Caterpillar were up 12% to $7.0 billion. Sales declines were noted in Latin America and Asia/Pacific.

Source: Caterpillar