Sales up for Cat but China still struggling
By Andy Brown02 August 2022
Caterpillar has announced that sales for its construction division in the second quarter of 2022 were US$6.03 billion while sales for resource industries, which includes mining, was US$2.9 billion.
Construction sales for the world’s biggest OEM were up by 7% compared to the same quarter last year, while resource industries saw an even bigger increase of 16%.
Regarding construction, sales in North America were up by 20% compared to the same quarter last year and by 48% in Latin America. However, sales declined by 7% in EAME and by 17% in Asia Pacific. The major reason for this decline in Asia Pacific was lower sales in China.
Resource Industries’ total sales were US$2.961 billion in the second quarter of 2022, an increase of US$414 million, or 16%, compared with the second quarter of 2021. Sales increased by a healthy amount in North America and Asia Pacific – by 29% and 38% respectively. Caterpillar did see sales decline by 4% in Latin America and by 7% in EAME.
Caterpillar as a whole saw second quarter 2022 sales and revenues of US$14.2 billion, an 11% increase compared with US$12.9 billion in the second quarter of 2021.
“Our team delivered another good quarter with double-digit top line and adjusted profit per share growth despite ongoing supply chain challenges,” said Chairman and CEO Jim Umpleby.
“Our second-quarter results reflect healthy demand across most of our end markets. We remain focused on executing our strategy for long-term profitable growth.”