Caterpillar Reports Negative 1Q Impact from Euro, Yuan, Yen, Aussie -- Currency Comment

By Paulo Trevisani

Caterpillar Inc. said Thursday that unfavorable currency impacts related to the euro, yen, yuan and Australian dollar were a negative factor in the first quarter.

The company reported a 17% annual increase in first-quarter total sales and revenues, to $15.9 billion, and said the rise was "partially offset by unfavorable currency impacts primarily related to the euro, Japanese yen and Australian dollar."

Currency had a reported $258 million negative impact on consolidated sales and revenue.

The company reported other income of $32 million, down from $253 million a year earlier, primarily driven by unfavorable FX, among other factors.

In the construction industries segment, Caterpillar reported a 10% increase in total sales to $6.7 billion, including a $151 million negative FX impact primarily related to the yen, euro and the yuan.

In the 12 months through March 31, the dollar strengthened 11.9% versus the Australian dollar, 8.2% versus the yuan and 9.1% versus the yen, while weakening 2.1% versus the euro, according to Tullett Prebon.

Write to Paulo Trevisani at [e-mail]

(END) Dow Jones Newswires

April 27, 2023 12:31 ET (16:31 GMT)

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