Caterpillar sees double-digit rise in Q3

Sales and revenue numbers for Caterpillar reached US$15 billion for the third quarter of 2022, with construction sales of US$6.27 billion amounting to the largest percentage of the total.

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The OEM’s construction activities saw a 19% sales increase from the same period in 2021.

According to the company, which unveiled a range of electric prototype machines at trade show Bauma, higher sales volumes and “favourable price realisations” played a key role in the increase.

Although construction was the biggest source of sales for the manufacturer, its resource (30%) and energy and transportation (22%) industries saw the largest increase from 2021.

Geographically, construction sales in Latin American experienced a substantial increase of 51%, with US$799 million being generated in the region.

North America still represents its largest area for construction sales, which saw a 29% increase from last year and generated US$3.1 billion of sales.

The Asia Pacific markets saw the least growth, with just a 1% increase for the third quarter. However, this is a marked improvement on the same period in 2021, which saw sales drop by 17%.

Chairman and CEO Jim Umpleby, who recently agreed to continue in his role despite company retirement policy, said, “I’d like to thank our global Caterpillar team for delivering another quarter of double-digit top-line growth and record adjusted profit per share.

“Our team remains focused on serving our customers as we continued to see healthy demand across most of our end markets during the third quarter.”