The number and price of cat play equipment have risen, contributing to a 221% increase in sales revenue.

CaterpillarSecond quartersales revenueRevenue reached US$17.3 billion, representing a 221% increase compared to the same quarter in 2022. The operating profit margin stood at 21.11%, compared to 13.61% in the second quarter of 2022.

The company attributed its earnings growth to increased sales and “price realisation”.

The companyconstruction industryThe Group's sales amounted to US$7.2 billion, representing a 191% increase compared to the second quarter of 2022. Construction sales in North America grew by 321% to US$4.0 billion, driven by increased volumes and favourable pricing realisation. The volume growth stemmed from higher equipment sales to end-users and the impact of dealer inventory changes. Dealer inventories declined in the second quarter of 2022 but increased in the second quarter of 2023.

“I am proud of our global team's robust operational performance in the second quarter,” stated Chief Executive Officer Jim Umpleby. “Our results reflect sustained healthy demand, with double-digit revenue growth, record adjusted earnings per share, and the generation of strong ME&T free cash flow.”