BUSINESS

Caterpillar's fourth-quarter 2022 report shows continued growth

Alex Dalton
Journal Star

Caterpillar released its fourth-quarter 2022 report on Tuesday, highlighting the company's steady growth through the end of the year.

The world's largest construction equipment manufacturer, Caterpillar brought in $16.6 billion in sales and revenue between October and December of 2022, a 20% increase over the $13.8 billion the company recorded in the fourth quarter of 2021. The company reported a similar rate of revenue growth, 21%, between the third quarter of 2021 and the third quarter of 2022.

Caterpillar reported $59.4 billion in total 2022 revenues, up from $51 billion the previous year, for an increase of 17%. The company also noted that its dealers increased their inventories $2.4 billion in 2022 after remaining roughly the same in 2021.

“Our global team delivered one of the best years in our nearly 100-year history, including record full-year adjusted profit per share,” Caterpillar Chairman and CEO Jim Umpleby said in the news release. “Despite supply chain challenges, the team achieved double-digit top-line growth and generated strong [machinery, energy and transportation] free cash flow. We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth.”

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The company returned a total of $6.7 billion to shareholders in 2022, including spending $4.2 billion on Caterpillar common stock repurchases and paying dividends of $2.4 billion.