(Reuters) – Caterpillar reported lower-than-expected quarterly profit on Tuesday as rising manufacturing and transportation costs weighed on the U.S. construction and mining equipment specialist’s margins.
Caterpillar shares were down 3.3% in pre-market trading on Wall Street.
Despite the increase in orders, Caterpillar is struggling with supply issues, which is driving up costs and reducing its ability to ship production and replenish dealer inventory.
The group’s sales and turnover for the quarter ended in December increased by 20% to reach 16.6 billion dollars (about 15.32 billion euros).
Adjusted earnings for the quarter came in at $3.86 per share, below the average analyst estimate of $4.02, according to Refinitiv’s IBES consensus.
(1 euro = $1.0835)
(Written by Aishwarya Nair in Bangalore, French version Dina Kartit, edited by Jean-Stéphane Brosse)
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