Caterpillar Q1 2023 Sales up 16.9 Percent to $15.9 billion, Stock Rises

Caterpillar (CAT) announced earlier today, on April 27, that its revenue for Q1 of fiscal 2023 rose 16.9% YoY to $15.9 billion. Company operating income rose 47.2% YoY to $2.7 billion, while operating expenses rose 11.9% to $13.1 billion over the same timeframe.

Meanwhile, diluted earnings per share (EPS) rose approximately 30.8% to $3.74 per share. In the company's earnings report, some analysts looked for signs of weakness in nonresidential construction, as regional banks, a key source of funding, came under pressure. The collapse of Silicon Valley Bank and Signature Bank last month raised concerns about the health of regional banks. However, so far these fears have not materialized.

Shares of Caterpillar rose 3.46% in pre-market trading following the report, however, they are declining in the main session following the worsened sentiment after the U.S. GDP publication.