American construction equipment manufacturer Caterpillar saw strong sales growth in the fourth quarter, but registered lower year-over-year profit per share, reportedly owing to foreign exchange headwinds.
Caterpillar’s fourth-quarter 2022 sales and revenues came in at $16.6 billion, which is a 20 percent increase from the $13.8 billion made in fourth quarter 2021, according to a press release on Jan. 31. Sales remained strong across the company’s three main business segments—resources industries, construction industries, and energy and transportation. Sales of construction equipment like excavators and bulldozers rose by 19 percent, to $6.85 billion, with all markets except Asia seeing higher sales.
Sales of mining equipment rose by 26 percent for the quarter, with sales seeing an increase in every region. In the energy and transportation business, sales rose to $6.82 billion. Rising investments in the oil and gas sector are said to have resulted in higher demand for Caterpillar’s products….