By WMBD-TV
IRVING, Texas – Caterpillar Inc. announced that it made record-breaking profits in 2023 on Monday.
According to Caterpillar, the full-year sales and revenues in 2023 were $67.1 billion. This is up 13% compared to the $59.4 billion from 2022.
Caterpillar’s full-year profits were also up to $20.12 per share, this is compared to $12.64 per share in 2022.
Caterpillar Chairman and CEO Jim Umpleby said he was proud of their global team.
“I’m very proud of our global team’s strong performance as they achieved the best year in our 98-year history, including record full-year sales and revenues, record adjusted profit per share and record ME&T free cash flow,” Umpleby said. “We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth.”
Caterpillar also announced its 2023 fourth-quarter sales and revenues were $17.1 billion, which is a 3% increase from the fourth quarter of 2022.
Cat Financial, a subsidiary of Caterpillar, also reported $3.25 billion in revenue in 2023. This is a $514 million increase from the $2.73 billion in reported revenue from 2022.
Profits before income taxes were $760 million in 2023. This is a $29 million increase compared to the $731 million in profits before taxes in 2022.
Cat Financial reported that its new business volume in 2023 was $12.11 billion. This is a $750 million increase from 2022.
“We are very pleased with the strong performance of our business and health of our global portfolio during 2023,” said Dave Walton, President of Cat Financial and Senior Vice President with responsibility for the Financial Products Division of Caterpillar Inc. “The global Cat Financial team remains committed to executing our strategy and providing financial services solutions to Caterpillar customers and dealers worldwide.”
More information on Caterpillar is available on its website. The company was founded in 1925 after a merger of CL Best Tractor Co. and Holt Manufacturing in East Peoria. Its headquarters was in Peoria until the move to Deerfield, Illinois in 2017 and has been based in Irving, Texas, since 2022.
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