4Q22 sales were $5.73M, +19% YoY. 4Q22 non-GAAP EPS was $3.86, up from $2.69 in 4Q22. 4Q22 non-GAAP EPS excluded a $925M non-cash impairment of goodwill and a $180M “mostly non-cash” restructuring chare; both of these items pertained to the Rail division of the Energy & Transportation segment.
Excluding restructuring costs from non-GAAP EPS is a policy that I take issue with insofar as a multinational, multifaceted business such as CAT’s has restructuring costs continually.
CAT does not provide specific guidance for sales or EPS, but it expects 2023 sales to be higher than 2022 due to price realization (see slide #18 at link below).
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