STRONG SALES WHAT'S HAPPENING?
OEMs have been releasing their fourth quarter and full year financial results for 2022, and the picture is broadly positive. Caterpillar revealed that sales for its construction industries division was up 19% in the fourth quarter of 2022 compared with the same quarter in 2021.
Volvo CE reported that sales in the fourth quarter of 2022 were up by 27%; for the full year 2022, net sales rose 9%.
Strong sales have been reported by many companies in construction – engine manufacturer Cummins said that revenues were US$6.6 billion, 13% higher than the same quarter in 2021. Construction engineering firm Jacobs reported revenue of US$3.9 billion, an 8.2% increase from last year.