The global heavy machinery titan Caterpillar has announced a surge in its Construction Industries segment’s total sales for the third quarter of 2023. The numbers reached a whopping US$6.999 billion, marking an impressive 12% increase from the US$6.276 billion recorded in the third quarter of 2022.
When breaking down these impressive figures region-wise:
- Europe, the Middle East, and Africa (EAME) experienced an 8% rise in sales compared to the same quarter last year.
- North America led the pack with a 31% sales boost from the previous year’s same quarter, maintaining its spot as Caterpillar’s best-performing region.
- Meanwhile, Asia/Pacific saw an 8% drop in sales.
- Latin America took the hardest hit with a decline of 31% in sales for the third quarter of 2023 compared to the same period in the previous year.
On the side of profits, the Construction Industries segment recorded a US$1.847 billion profit in Q3 2023, soaring by 53% from the same quarter in 2022. Caterpillar attributed this growth mainly to favorable price realization.
Diving deeper into Caterpillar’s Resource Industries — which encompasses mining equipment sales —there was a recorded total of US$3.351 billion in sales during Q3 2023. This was a rise of $264 million or 9% from the US$3.087 billion of Q3 2022. Analyzing this by region:
- North America continued its strong performance with a 22% sales increase.
- Latin America sales rose by 6%.
- However, sales in Europe, the Middle East, and Africa (EAME) and Asia/Pacific decreased by 3% and 1%, respectively.
Chairman and CEO Jim Umpleby expressed his gratitude to the company’s global team, stating:
“I’d like to thank our global team for delivering another great quarter, as demonstrated by double-digit top-line growth, strong adjusted operating profit margin, and robust ME&T free cash flow.”
Conclusively, this year has witnessed robust growth for Caterpillar, with the company solidifying its strength in stocks and maintaining its global influence in the heavy machinery industry.
