Caterpillar Q4 earnings miss as costs weigh By Investing.com

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Caterpillar Q4 earnings miss as costs weigh

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Caterpillar Q4 earnings miss as costs weigh

CAT

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By Investing.com Staff

Caterpillar Inc (NYSE:CAT) fell 2.5% in pre-open trading Tuesday after posting a strong top-line beat in its fourth quarter but adjusted EPS missed consensus as costs weighed.

Sales and revenues for the fourth quarter rose 20% to $16.6 billion, beating the consensus of $15.82B. Full-year sales and revenues in 2022 were up 17% to $59.4B.

On the bottom line, the construction equipment maker posted adjusted EPS of $3.86, missing the consensus of $4.02. Results were impacted by unfavorable manufacturing costs largely reflected higher material costs, unfavorable cost absorption, and increased period manufacturing costs.

"Our global team delivered one of the best years in our nearly 100-year history, including record full-year adjusted profit per share," said Chairman and CEO, Jim Umpleby. "Despite supply chain challenges, the team achieved double-digit top-line growth and generated strong ME&T free cash flow. We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth."

Caterpillar returned $6.7B to shareholders through share repurchases and dividends in 2022.

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