Caterpillar Half-Year Report 2023

• Second-quarter 2023 sales and revenues increased 22% to $17.3 billion
• Second-quarter 2023 profit per share of $5.67; adjusted profit per share of $5.55
• Returned $2.0 billion to shareholders through share repurchases and dividends in the quarter

sales and revenues of $17.3 billion, a 22% increase compared with $14.2 billion in the second quarter of 2022. The increase was primarily due to higher sales volume and favorable price realization.

Total sales and revenues for the second quarter of 2023 were $17.318 billion, an increase of $3.071 billion, or 22%, compared with $14.247 billion in the second quarter of 2022. The increase was due to higher sales volume and favorable price realization. The increase in sales volume was driven by higher sales of equipment to end users and the impact from changes in dealer inventories. Dealer inventory increased during the second quarter of 2023 (primarily Energy & Transportation), compared with a decrease during the second quarter of 2022 (primarily Construction Industries).

Operating profit for the second quarter of 2023 was $3.652 billion, an increase of $1.708 billion, or 88%, compared
with $1.944 billion in the second quarter of 2022. The increase was primarily due to favorable price realization and higher sales volume, partially offset by higher manufacturing costs and higher selling, general and administrative (SG&A) and research and development (R&D) expenses.