Caterpillar’s profit soars due to high demand for construction equipment.
(Reuters) -Caterpillar Inc on Tuesday reported a rise in quarterly profit, as higher infrastructure spending in North America drove demand for its construction equipment.
Demand for heavy equipment used in construction projects has been improving as the United States upgrades roads, railways and other transportation infrastructure under the Biden Administration’s $1 trillion package that was approved by the Senate in 2021.
Cost controls and price increases have also shielded Caterpillar’s profit at a time of persistent supply-chain disruptions and inflationary pressures.
Adjusted profit was $5.55 per share. Analysts polled by Refinitiv were expecting a profit of $4.58 per share. It was not immediately clear if the figures were comparable.
Caterpillar’s sales for the second quarter through June rose to $17.32 billion from $14.25 billion a year earlier.
(Reporting by Bianca Flowers and Shivansh Tiwary; Editing by Anil D’Silva)
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