Caterpillar reported sales and revenues of $15.9 billion in the first quarter of fiscal 2023, a 17% increase compared with the same period last year. Profit per share was $3.74, and adjusted profit per share was $4.91. The company also returned $1 billion to shareholders through dividends and share repurchases in the quarter.
“We achieved double-digit, top-line growth and record adjusted profit per share while generating strong ME&T [machine, energy and transportation] free cash flow,” chairman and CEO Jim Umpleby said in a statement. “Our team remains focused on supporting our customers as we execute our strategy for long-term profitable growth.”
Caterpillar didn’t provide marine-specific numbers. Overall operating profit margin was 17.2% for the first quarter compared with 13.7% last year. Adjusted operating profit margin was 21.1% for the quarter versus 13.7% for the same period last year. Adjusted operating profit margin and adjusted profit per share excluded restructuring costs. First-quarter restructuring costs included the impact of the divestiture of the company’s Longwall business.
For the three months ended March 31, enterprise operating cash flow was $1.6 billion, and the company said it ended the quarter with $6.8 billion of enterprise cash. The company paid dividends of $600 million and repurchased $400 million of Caterpillar common stock.
