Caterpillar stock down even as company touts one of the 'best years' in its history
Caterpillar is touting strong fourth-quarter and full-year results for 2022, but the company's stock is down in premarket trading.
The company posted fourth-quarter sales and revenues of $16.6 billion, a 20% increase over the same period in 2021. Full-year sales and revenues are $59.4 billion, up 17%.
Adjusted profit per share was $3.86. The company said unfavorable foreign currency impact negatively affected profits to the tune of 41 cents per share.
The company posted an operating profit of $1.68 billion in 2022's fourth quarter. That's up $69 million from 2021.
"Our global team delivered one of the best years in our nearly 100-year history, including record full-year adjusted profit per share," said Caterpillar Chairman and CEO Jim Umpleby in a statement. "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 stock was down about 1.1% in premarket trading ahead of the company's Q4 earnings call with investors.
Financial publication Barron's writes that while business is good, it's still missing Wall Street's expectations.
The company repurchased $4.2 billion of Caterpillar common stock in 2022 and paid out dividends of $2.4 billion.