Caterpillar posted $14.2 billion in sales and revenues for its second quarter, up 11 percent compared to the Q2 2021 figure of $12.9 billion. The company cited favorable price realization and higher sales volume for the increase driven by services.
Andrew Bonfield, CFO, discussed the results in a video.
Sales in the Construction sector totaled $6.0 billion in the second quarter, up 7 percent from the same period a year ago. The increase was due to favorable price realization, partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen, and Australian dollar. Sales volume decreased slightly as lower sales of equipment to end users was mostly offset by higher sales of aftermarket parts.
Construction sales in North America were $3.0 billion, up 20 percent compared to a year ago, due to favorable price realization and higher sales volume. Higher sales volume was driven by the impact from changes in dealer inventories. Dealer inventory decreased more during the second quarter of 2021 than during the second quarter of 2022.
Total North America sales and revenues were $6.8 billion. EAME sales were $3.0 billion, Asia/Pacific sales were $2.9 billion, and Latin America sales were $1.5 billion.
Operating profit for the quarter up 9 percent to $1.9 billion from the $1.8 billion reported in the same quarter a year ago. The company cited favorable price realization and higher sales volume. The increase was partially offset by higher manufacturing costs; higher selling, general, and administration costs; and higher research and development expenses.
The Construction segment profit was down 4 percent to $989 million from $1.0 billion in Q2 2021, with favorable price realization offset by higher material and freight costs, and lower sales volume.
Source: Caterpillar
