(New York) The American group Caterpillar announced Monday in a press release results above expectations in the fourth quarter, marked by an increase in prices, but a drop in volumes in almost all of its branches.
“I am very proud of the strong performance of our teams around the world who achieved the best year in our 98-year history,” commented Jim Umpleby, boss of the group, quoted in the press release.
He insisted on the records for turnover, net profit and net profit per share excluding exceptional items for the entire financial year.
In the fourth quarter alone, activity increased by 3% to $17.1 billion and net profit reached $2.68 billion, benefiting from a favorable basis of comparison compared to the same period of 2022. which had suffered from an exceptional workload in the railway sector.
Reported per share and excluding exceptional items – a benchmark for the markets – the net profit came to $5.23, which is much better than the consensus $4.76.
Around 11:30 a.m. (Eastern time), Caterpillar shares were up 1.41% on the New York Stock Exchange.
The group reported that its turnover had benefited from a price increase, but that volumes had fallen year-on-year, with resellers being much less active at the end of 2023.
Stocks of the latter in fact fell by 900 million dollars between October and December 2023, compared to an increase of 700 million a year earlier.
On the other hand, sales to end users increased, noted Caterpillar.
In construction, the group suffered a 5% decline in its turnover to 6.52 billion with an increase in prices altered by falling volumes in North America and Europe/Africa, and by a drop in prices. volumes in Latin America and Asia/Pacific.
The Industrial Resources branch (agriculture, mining, hydrocarbons, etc.) also lost ground at the end of the year, with a 6% drop in its turnover over one year. It was affected by a drop in volumes in machinery, but also in spare parts.
Only the Energy and Transport branch did better than in the fourth quarter of 2022 (+12%) thanks to an increase in prices and volumes.
Over the whole year, turnover was 67.1 billion, compared to 59.4 billion a year earlier and earnings per share excluding exceptional items came to 21.21 dollars, compared to 13.84 a year earlier. year earlier.