Caterpillar Inc., the maker of heavy equipment, today reported an increased quarterly profit as sales improved and dealers boosted their stock of Cat machinery.
The Deerfield, Illinois-based company posted a first-quarter profit of $1.53 billion, or $2.77 a share. That was better than the year-earlier $1.09 billion, or $1.98.
Adjusted profit per share, which excludes some costs, totaled $2.87 a share. That was better than analyst estimates of $1.94 a share, according to CNBC. Adjusted profit in 2020’s first quarter was $1.65 a share.
Caterpillar revenue for the quarter rose to $11.9 billion, from $10.6 billion in the first three months of 2020. The company said sales gained in Asia, Latin America, and other regions while they remained “about flat” in North America.
Dealers increased their inventories during the quarter by $700 million, Caterpillar said. That compares with $100 million in the year-earlier period.
“We’re encouraged by improving conditions in our end markets and are proactively managing supply chain risks,” CEO Jim Umpleby said in a statement.
Caterpillar produces earthmovers, mining trucks, and other machinery. Its markets include energy and construction. The company operates globally and is a barometer of how manufacturing is performing generally.