Heavy equipment maker Caterpillar Inc. today reported higher quarterly results on increased revenue.
Deerfield, Ill.-based Caterpillar posted a quarterly profit of $1.67 billion, or $3.13 a share. That compares with $1.41 billion, or $2.56, during the year-earlier quarter. Revenue for the quarter climbed to $14.2 billion from $12.9 billion a year earlier.
Caterpillar reported adjusted earnings a share of $3.18. On that basis, analysts were expecting a profit of $3.01 a share, according to Reuters. However, the company’s revenue was short of average analyst forecasts of $14.35 billion, according to the news service.
The company manufacturers earth movers and other heavy equipment used in industries such as construction and mining. Caterpillar is seen as an indicator of economic activity.
Caterpillar, like other manufacturers, is dealing with supply chain issues. The manufacturer also suspended operations in Russia after that country invaded Ukraine earlier this year.
“Our second-quarter results reflect healthy demand across most of our end markets,” CEO Jim Umpleby said in a statement.
Caterpillar said in June it is moving its corporate headquarters to Irving, Texas.
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