Caterpillar has welcomed the “strong performance” of its team after revealing its year-end results for 2023.
The original equipment manufacturer reported an increased revenue of $3.25 billion for 2023, an increase of $514 million, or 19 per cent, compared with $2.73 billion for 2022.
President of Cat Financial Dave Walton said the overall performance reflected well on the company.
“We are very pleased with the strong performance of our business and health of our global portfolio during 2023,” he said.
“The global Cat Financial team remains committed to executing our strategy and providing financial services solutions to Caterpillar customers and dealers worldwide.”
The increase in revenues was primarily due to a $450 million favorable impact from higher average financing rates. Profit was $563 million for 2023, an increase of $28 million, or 5 per cent, compared with $535 million for 2022.
Profit before income taxes was $760 million for 2023, an increase of $29 million, or 4 per cent, compared with $731 million for 2022.
New retail business was $12.11 billion, an increase of 7 per cent on the previous result in 2022.
The post Caterpillar welcomes “strong” 2023 year-end results appeared first on Quarry.