Caterpillar Sales Jump 22% in Second Quarter

Citing higher sales volume and favorable price realization, Caterpillar has reported $17.3 billion in sales during the second quarter of 2023, a 22% increase compared to the same period last year.

The manufacturer saw double-digit sales and revenue percentage increases across its three primary global segments – construction, resource industries, and energy and transportation.

Caterpillar Q2 2023 sales and revenue by industry segmentCaterpillar

Construction equipment sales rose 19% to $7.2 billion in the second quarter due to favorable price realization and higher sales volume. Cat says the increase in sales volume was driven by a modest increase in dealer inventories and higher sales of equipment to end users.

The top performing regions were North America and EAME (Europe, Africa and the Middle East), with sales jumping 32% and 20%, respectively. Sales were flat in the Asia/Pacific region, and sales dropped by 11% in Latin America.

Resource Industries, Cat’s mining segment, saw sales jump 20% to $3.6 billion during the quarter. The increase was primarily due to favorable price realization and higher equipment sales to end users, partially offset by lower aftermarket parts sales volume.

Cat’s Energy & Transportation segment saw the most significant gains, with total sales rising 27% to $7.2 billion during the second quarter. Sales increased across all applications – oil and gas, power generation, industrial and transportation – primarily driven by higher sales volume and favorable price realization.

“I’m proud of our global team’s strong operational performance in the second quarter. Our results reflect continued healthy demand as 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 committed to serving our customers, executing our strategy and continuing to invest for long-term profitable growth.”