Heavy-equipment maker Caterpillar Inc. said today its quarterly profit declined on costs related to foreign currency.
Irving, Texas-based Caterpillar posted a fourth-quarter profit of $1.45 billion, or $2.79 a share. That was down from $2.12 billion, or $3.91, a year earlier.
The results included foreign currency costs of 41 cents a share, Caterpillar said.
The company said its adjusted profit per share, a figure that excludes some costs, totaled $3.86 a share, up from $2.69 a year earlier. Revenue surged to $16.6 billion for the quarter compared with $13.8 billion.
For the full year, Caterpillar reported a profit of $6.7 billion, or $12.64 a share, an increase from $6.5 billion, or $11.83 a share, in 2021. Revenue for the year jumped to $59.4 billion from $50.9 billion the year before.
Full-year adjusted earnings per share reached $13.84, up from $10.81 in 2021.
The results amounted to “one of the best years in our nearly 100-year history,” CEO Jim Umpleby said in a statement. “We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth.”
Caterpillar reflects the health of manufacturing generally. It operates internationally and is in markets such as mining and construction. The company said its 2022 sales rose on higher prices and machine sales.
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