Heavy-equipment maker Caterpillar Inc. announced a 22% increase in revenue in its second quarter earnings report released Tuesday.
The company posted revenues of $17.3 billion compared with $14.2 billion in the second quarter of 2022.
The increase was primarily due to higher sales volume in North America and favorable price realization, according to the company. The increase in sales volume was driven by higher sales of equipment to end users and the impact from changes in dealer inventories.
Operating profit margin was 21.1% in Q2, compared with 13.6% for like-2022. Unadjusted profit- per share was $5.67, up from last year’s $3.13. Adjusted profit- per share was $5.55 vs. $3.18. Adjusted operating profit margin and adjusted profit per share excluded restructuring costs, as well as a discrete tax benefit, the company says. The company recorded a discrete tax benefit of $88 million due to a change in the valuation allowance for certain deferred tax assets.
For the first half of 2023, enterprise operating cash flow was $4.8 billion, and the company ended the second quarter with $7.4 billion of enterprise cash.
"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."
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