Caterpillar is reporting strong performance for the fourth quarter of 2022 as well as for the full year 2022. Fourth-quarter 2022 sales and revenues were up 20%, while full-year sales and revenues were up 17%.
Caterpillar's sales and revenues for the fourth quarter of 2022 were US$16.6 billion, a 20% increase compared with $13.8 billion in the fourth quarter of 2021. Fourth-quarter 2022 profit/share was $2.79, compared with $3.91 profit/share in the fourth quarter of 2021. Adjusted profit/share in the fourth quarter of 2022 was $3.86, compared with the fourth quarter 2021 adjusted profit/share of $2.69. Profit/share in the fourth quarter of 2022 included an unfavorable ME&T foreign currency impact in other income (expense) of $0.41/share mostly related to balance sheet translation, compared with a favorable impact of $0.01/share in the fourth quarter of 2021.
Full-year sales and revenues in 2022 were $59.4 billion, up 17% compared with $51.0 billion in 2021. The increase reflected favorable price realisation and higher sales volume, driven by the impact from changes in dealer inventories, increased services and higher sales of equipment to end users. Dealers increased their inventories $2.4 billion in 2022, while remaining about flat in 2021. Full-year profit was $12.64 per share in 2022, compared with profit of $11.83/share in 2021. Adjusted profit/share in 2022 was $13.84, compared with adjusted profit/share of $10.81 in 2021.
The firm saw a strong operating cash flow of $7.8 billion and ended the year with $7 billion of enterprise cash.