Caterpillar is reporting strong results for the second-quarter of 2023, with revenue increasing 22% to US$17.3 billion. The 22% increase compared well with the $14.2 billion recorded in the second quarter of 2022. The firm explains that the increase was primarily due to higher sales volume and favourable price realisation.
Operating profit margin was 21.1% for the second quarter of 2023, compared with 13.6% for the second quarter of 2022. Adjusted operating profit margin was 21.3% for the second quarter of 2023, compared with 13.8% for the second quarter of 2022. Second-quarter 2023 profit/share was $5.67, compared with second-quarter 2022 profit/share of $3.13. Adjusted profit/share in the second quarter of 2023 was $5.55, compared with second-quarter 2022 adjusted profit/share of $3.18. Second-quarter 2023 and 2022 adjusted operating profit margin and adjusted profit/share excluded restructuring costs. Second-quarter 2023 adjusted profit/share also excluded a discrete tax benefit to adjust deferred tax balances.
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. In the quarter, the company repurchased $1.4 billion of Caterpillar common stock and paid dividends of $0.6 billion.
“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.”
