Caterpillar Inc (NYSE:CAT) reported a Q4 fiscal 2023 revenue increase of 3% year-over-year to $17.07 billion, slightly missing consensus estimates. However, its adjusted earnings of $5.23 per share exceeded expectations, driven by favorable price realization, higher Financial Products' segment revenues, and a favorable currency impact. Despite a decrease in sales volume due to changes in dealer inventories, the company saw an adjusted operating profit margin increase to 18.9%. Caterpillar anticipates 2024 sales and revenues to be similar to 2023, with no significant change in machine dealer inventory and expects ME&T free cash flow to be in the top half of the $5 billion-$10 billion range. Goldman Sachs analyst Jerry Revich reaffirmed a 12-month price target of $274 for CAT, highlighting the company's strong quarter and positive outlook for improved margins and cash flow.