CAT Caterpillar Inc

By Paulo Trevisani

Caterpillar Inc. said Tuesday that the euro, yen and Australian dollar had an unfavorable impact on its sales in the fourth quarter.

The company reported sales and revenues of $16.6 billion in the period, a 20% increase from a year earlier.

"The increase was due to favorable price realization and higher sales volume, partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen and Australian dollar," the company said.

Caterpillar also said foreign exchange conditions resulted in a loss of $276 million in its machinery, energy and transportation segment in the quarter, compared to an $8 million favorable impact a year earlier.

"These losses were primarily driven by the weakening of the U.S. dollar against the euro, Chinese yuan and Japanese yen," the company said in its earnings release.

The company also reported unfavorable currency impacts related to the British pound.

The WSJ Dollar Index rose 7.8% last year, as the U.S. Federal Reserve increased interest rates faster than its global counterparts. But in the fourth quarter it fell 7%, as other central banks started to catch up and the U.S. currency weakened.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

January 31, 2023 10:41 ET (15:41 GMT)

Caterpillar (NYSE:CAT)
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