Caterpillar Sales Up 13% in 2023

Feb. 5, 2024
Caterpillar 2023 sales totalled $67.1 billion.

Caterpillar posted sales and revenues of $67.1 billion in 2023, up 13% over the $59.4 billion reported in 2022. The Texas-based manufacturer cited “price realization” and higher sales volume for the increase. Operating profit margin for the year was 19.3%, up from 13.3% in 2022.

Jim Umpleby, chair/CEO, said it was the best year in the company’s history for full-year sales.

Segment and regional sales figures were unavailable for the year, but fourth-quarter financials indicate a 5% drop off in the Construction Industries segment to $6.52 billion from $6.85 billion in Q4 2022. Overall sales for the quarter were $17.10 billion. Sales volume dropped by $721 million, mostly due to a $900 million reduction in dealer inventory.

Sales in North America were $8.81 billion up 11% from Q4 2022. The Construction Industries segment posted a 4% increase in North America, with Q4 sales of $6.52 billion. The North American sales increase was attributed to price realization, which also drove the segment’s profit up by 3%. Sales decreased in all other regions for the segment, including Latin America (-25%) and EAME (-18%).

Watch a discussion of Caterpillar’s results with CFO Andrew Bonfield.

Source: Caterpillar