Caterpillar Inc. today said third-quarter earnings soared as the maker of earthmovers, mining trucks and other heavy equipment saw increased sales.The Deerfield, Illinois-based company posted a quarterly profit of $1.43 billion, or $2.60 a share, compared with $668 million, or $1.22, a year earlier.
Caterpillar reported an adjusted profit per share of $2.66 a share compared with $1.52 a share in 2020’s third quarter.
Revenue for the quarter rose to $12.4 billion from $9.9 billion during the same period in 2020.
“Our third-quarter results reflect higher sales and revenues across our three primary segments and in all regions,” CEO Jim Umpleby said in a statement.
Caterpillar is a barometer of how manufacturing is doing generally. The company has a global customer base. Its heavy equipment is deployed in markets such as energy, mining and construction.
Like other manufacturers, Caterpillar felt an economic pinch from the COVID-19 pandemic during 2020. Demand for products has increased since then and manufacturers have implemented additional safety procedures because of COVID.
Umpleby, in his statement, said the company faces “supply chain challenges.” Manufacturing generally is trying to cope with congested ports and higher transportation costs. A global shortage of computer chips also is affecting manufacturing operations.
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