Caterpillar Inc (NYSE: CAT) reported a second-quarter FY23 revenue increase of 21.6% year-over-year to $17.32 billion, beating the consensus of $16.50 billion.
CAT's adjusted earnings of $5.55 per share, compared to $3.18 a year ago, topped the consensus of $4.51.
The increase was due to favorable price realization and higher sales volume. The increase in sales volume was driven by higher sales of equipment to end users and the impact from changes in dealer inventories.
Adjusted operating profit margin was 21.3%, compared to 13.8% in 2Q22.
Machinery, Energy & Transportation segment revenue increased 22% Y/Y to $16.55 billion, with Construction Industries +19%, Resource Industries +20%, Energy & Transportation +27%, and Other Segments -2%.
Enterprise operating cash flow year-to-date stood at $4.82 billion, and the company ended the quarter with $7.4 billion of enterprise cash.
Price Action: CAT shares are trading higher by 2.03% at $270.85 premarket on Tuesday.
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