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CATERPILLAR UP 13 % IN 2023 Cat presented its 2023 year-end and Q4 financials . Sales and revenues for the fourth quarter of 2023 were $ 17.1 billion , a 3 % increase compared with $ 16.6 billion in the fourth quarter of 2022 .
Full-year sales and revenues in 2023 were $ 67.1 billion , up 13 % compared with $ 59.4 billion in 2022 .
“ I ’ m very proud of our global team ’ s strong performance as they achieved the best year in our 98-year history , including record full-year sales and revenues , record adjusted profit per share and record ME & T free cash flow ,” said Caterpillar Chairman and CEO Jim Umpleby .
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RETAIL GIANTS REPORT FINANCIALS , PREDICT MIXED 2024 On . Feb . 27 , Lowe ’ s Companies reported $ 18.6 billion in total sales for Q4 2023 ( ended Feb . 2 , 2024 ), compared to $ 22.4 billion in the prior year quarter . In reporting these numbers , the company said a slowdown in DIY demand , as well as unfavorable January winter weather , lead to the quarter ’ s decrease of 6.2 %.
Home Depot recently reported its fiscal 2023 ’ s fourth-quarter results . For the period ended Jan . 28 , revenue totaled $ 34.8 billion , down 2.9 % year over year . “ After three years of exceptional growth for our business , 2023 was a year of moderation ,” said CEO Ted Decker . The company said that shoppers remain concerned with inflationary pressures and face an uncertain economy . HD says it believes consumers are now scaling back when it comes to big-ticket purchases like flooring , countertops , and cabinets .
Lowe ’ s said it expects 2024 comparable sales to be down 2 to 3 % as compared to prior year , with total sales of $ 84 to $ 85 billion . Home Depot expects sales to increase 1 % in 2024 and samestore sales to be down 1 %.
STANLEY BLACK & DECKER PREPS FOR SLOWDOWN Reporting on Q4 2023 results , Stanley Black & Decker ’ s Don Allen , president and CEO , noted that “ revenue was $ 3.7 billion , which was down mid-single digits versus the prior year , primarily due to lower outdoor and DIY volume as well as infrastructure customer destocking .”
Allen continued , “ the outdoor power equipment industry continues to show signs of customer destocking , and we don ’ t expect to pivot to growth during 2024 . In summary , we ’ re focused on the pro user and the healthiest market segments to generate share gains . We are prepared for weak consumer and outdoor demand trends to persist .”
HUSQVARNA TALKS ELECTRIC Husqvarna CEO Pavel Hajman joined Terry Burke , Husqvarna CFO , in the company ’ s recent earnings call , to report following . The fourth quarter was characterized by a continuous challenging market situation with lower demand . Sales of professional robotic mowers and battery-powered products were strong . However , sales of petrol-powered wheeled products decreased significantly due to lower demand and that we proactively are exiting parts of this segment .
Growth was solid in the professional segment of robotic mowers , including Husqvarna CEORA . Husqvarna Automower NERA was launched as the group ’ s first robotic mower to offer virtual boundary technology for the residential market . “ The electrification ambition is the major driver to consistently reduce our carbon footprint ,” said the company in its financial reporting . “ Our commitment to reducing CO₂ emission is continuing , including our exploration of products using alternative fuels .”
6 OPE + March 2024 www . OPE-Plus . com