Caterpillar Says Euro, Yen, Aussie Hurt 4Q Sales -- Currency Comment
31 Januar 2023 - 4:56PM
Dow Jones News
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)
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