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.
