CATERPILLAR INC Quarterly Report for Q3 Ended Sep 30, 2022

Summary

Caterpillar Inc. reported a strong third quarter of 2022, with total sales and revenues increasing by 21% year-over-year to $14.994 billion. This growth was driven by higher sales volume and favorable price realization across its primary segments, partially offset by unfavorable currency impacts. The company also saw a significant improvement in operating profit, which rose by 46% to $2.425 billion, leading to a higher operating profit margin of 16.2% compared to 13.4% in the prior year. Profit per share also saw a substantial increase, reaching $3.87 for the third quarter of 2022, up from $2.60 in the same period last year. For the first nine months of the year, total sales and revenues grew 15% to $42.830 billion, with operating profit increasing by 18%. The company ended the quarter with a solid enterprise cash position of $6.3 billion, demonstrating robust financial health.

Key Highlights

• 1Total sales and revenues for Q3 2022 increased by 21% to $14.994 billion, driven by higher sales volume and price realization.
• 2Operating profit increased by 46% to $2.425 billion in Q3 2022, with operating profit margin improving to 16.2% from 13.4% in Q3 2021.
• 3Profit per share (diluted) for Q3 2022 was $3.87, a significant increase from $2.60 in Q3 2021.
• 4For the nine months ended September 30, 2022, total sales and revenues grew 15% to $42.830 billion, and operating profit increased by 18%.
• 5Enterprise cash at the end of Q3 2022 was $6.3 billion.
• 6Dealers' inventory levels increased by $700 million in Q3 2022, compared to a decrease of $300 million in Q3 2021, indicating strong demand and dealer confidence.
• 7Caterpillar reached a settlement with the IRS for tax years 2007-2016, resulting in a discrete tax benefit of $41 million in Q3 2022.

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