Caterpillar Inc. today reported a higher second-quarter profit as sales of its heavy equipment increased.
Deerfield, Illinois-based Caterpillar posted a quarterly profit of $1.4 billion, or $2.56 a share, compared with year-earlier results of $458 million, or 84 cents. Revenue for the quarter jumped to $12.9 billion from $10 billion in the year-earlier period.
“We’re encouraged by higher sales and revenues across all regions,” CEO Jim Umpleby said in a statement. The financial results, he said, “reflect continued improvement in our end markets.”
The company produces heavy trucks, earthmovers, and other equipment. Its markets include mining and construction. Caterpillar operates globally and its results are an indicator of how manufacturing is faring generally.
Caterpillar said dealers reduced their inventories amid higher demand for equipment. During 2020’s second quarter, the COVID-19 pandemic slammed the global economy, causing Caterpillar’s earnings to plummet.
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