Caterpillar Inc. said today it posted a slightly higher quarterly profit on increased revenue.
The Deerfield, Illinois-based maker of heavy equipment reported a first-quarter profit of $1.54 billion, or $2.86 a share, compared with $1.53 billion, or $2.77, a year earlier.
The company said its adjusted profit totaled $2.88 a share, up from $2.87 a year earlier. Analysts had expected an adjusted profit of $2.60 a share, according to Reuters. The adjusted figure excludes some costs.
Revenue for the quarter rose to $13.6 billion, up from $11.9 billion in 2021’s first quarter. Caterpillar said dealers increased inventories more during the quarter compared with a year ago.
The company “achieved double-digit sales growth despite ongoing supply chain challenges,” CEO Jim Umpleby said in a statement. “We remain focused on supporting our customers.”
Caterpillar products include earthmovers and heavy trucks. The company has a global customer base and is a barometer of how manufacturing is faring generally. Its equipment is deployed in markets such as energy, mining, and construction.
Umpleby said last year that Caterpillar was coping with “supply chain challenges.” Manufacturing overall is dealing with congested ports and higher transportation costs.
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