Caterpillar announced Q1 2023 sales and revenues of $15.9 billion, a 17 percent increase compared with $13.6 billion in the first quarter of 2022.
The increase was primarily due to higher prices and higher sales volume.
Operating profit margin was 17.2 percent for the first quarter of 2023, compared with 13.7 percent for the first quarter of 2022. Adjusted operating profit margin was 21.1 percent for the first quarter of 2023, compared with 13.7 percent for the first quarter of 2022.
First-quarter 2023 profit per share was $3.74, compared with first-quarter 2022 profit per share of $2.86. Adjusted profit per share in the first quarter of 2023 was $4.91, compared with first-quarter 2022 adjusted profit per share of $2.88. In the first quarter of 2023 and 2022, adjusted operating profit margin and adjusted profit per share excluded restructuring costs. First-quarter 2023 restructuring costs included the impact of the divestiture of the company's Longwall business.
For the three months ended March 31, 2023, enterprise operating cash flow was $1.6 billion, and the company ended the first quarter with $6.8 billion of enterprise cash. In the quarter, the company paid dividends of $0.6 billion and repurchased $0.4 billion of Caterpillar common stock.
“I’d like to thank our global team for their strong operational performance while serving healthy demand during the first quarter. We achieved double-digit top-line growth and record adjusted profit per share while generating strong ME&T free cash flow,” said Jim Umpleby, chairman and CEO. “Our team remains focused on supporting our customers as we execute our strategy for long-term profitable growth.”
Source: Caterpillar
