Caterpillar Q1 Revenues Jump 17%, Beats Steet Expectation

Caterpillar Inc CAT reported first-quarter FY23 adjusted earnings of $4.91 per share, compared to $2.88 a year ago, beating the consensus of $3.78.
Revenues for the quarter rose 17% year-over-year to $15.9 billion, beating the consensus estimate of $15.25 billion.
The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen, and Australian dollar.
Adjusted operating profit margin was 21.1%, compared to 13.7% in 1Q22.
Machinery, Energy & Transportation segment revenue increased 17% Y/Y to $15.1 billion, with Construction Industries +10%, Resource Industries +21%, Energy & Transportation +24%, and Other Segments -6%.
Financial Products' segment revenues were $902 million (+15%), reflecting higher average financing rates across all regions.
During the quarter, the divestiture of the company's Longwall business was finalized, resulting in an unfavorable impact on an operating profit of $586 million.
Enterprise operating cash flow was $1.6 billion for the quarter compared to $313 million in 1Q22, and the company ended the quarter with $6.8 billion of enterprise cash.
Caterpillar paid dividends of $0.6 billion and repurchased $0.4 billion in stock during Q1.
Price Action: CAT shares are trading higher by 0.10% at $216.40 in premarket on Thursday.

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