Caterpillar posted third quarter 2022 sales and revenue of $15 billion compared to $12.4 billion in the third quarter of 2021, a 21-percent increase. Caterpillar attributed the boost to favorable price realization and higher sales volume. The increase in sales volume was driven by the impact from changes in dealer inventories, higher sales of equipment to end users and higher services. Dealers increased inventories by $700 million during the third quarter of 2022, compared with a decrease of $300 million during the third quarter of 2021.
Sales were higher across Caterpillar’s three primary segments. Construction Industries sales jumped 19 percent; Resource Industries leaped 30 percent and Energy & Transportation climbed 22 percent.
Oil and Gas sales were up 22 percent because of higher sales of reciprocating engine aftermarket parts and engines used in gas compression and well-servicing applications. Power generation jumped 31 percent with sales increasing in large reciprocating engines, primarily data center applications and small reciprocating engines. Turbines and turbine-related services increased also. Industrial sales hiked 22 percent across all regions.
In Construction, sales jumped 29 percent in North America and 51 percent in Latin America. EAME and Asia-Pacific were essentially flat with 1 percent increases.
For the first nine months of 2022, total sales were $42.8 billion compared to $37.2 billion in the first nine months of 2021, a 15.2-percent increase.
