(Reuters) – Caterpillar Inc on Friday reported better-than-expected quarterly revenue, boosted by buoyant demand for its construction machinery and equipment amid an upturn in global economic activity.
The construction and mining equipment maker’s sales surged over the past year as construction demand benefited from an unprecedented level of government spending.
The impact of global supply chain disruptions related to COVID-19 and inflationary cost pressures were mitigated by the company’s decision to increase equipment prices.
Its revenue soared 23% to $13.80 billion (€12.40 billion) in the fourth quarter, beating analysts’ average estimate of $13.15 billion, the data shows. from Refinitiv.
In the quarter ended Dec. 31, Caterpillar earned $2.12 billion in profit, up from $780 million a year ago, or $2.69 per share on an adjusted basis.
The Caterpillar title gained 2% in pre-market trading.
(1 euro = $1.1129)
(Report Uday Sampath in Bangalore; French version Dagmarah Mackos)
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