On Jan. 31, heavy equipment maker Caterpillar reported that 2022 fourth-quarter sales were up 20% over the same period in 2021, while yearly total sales rose 17%.

Sales and revenues for 4Q 2022 were $16.6 billion, compared with $13.8 billion in 4Q 2021, the company said.

Full-year sales and revenues in 2022 were $59.4 billion, compared with $51.0 billion in 2021. The company said the increase reflected “favorable price realization 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, after remaining about flat in 2021, Caterpillar said.

“Our global team delivered one of the best years in our nearly 100-year history, including record full-year adjusted profit per share,” said Caterpillar Chairman and CEO Jim Umpleby. “Despite supply chain challenges, the team achieved double-digit top-line growth and generated strong ME&T free cash flow. We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth.”