Caterpillar Inc. posted a higher fourth-quarter profit as revenue increased and demand rose for the company’s heavy equipment.Deerfield, Illinois-based Caterpillar reported a quarterly profit of $2.12 billion, or $3.91 a share. That compares with a fourth-quarter 2020 profit of $780 million, or $1.42. Revenue for the quarter rose to $13.8 billion from $11.2 billion a year earlier.
Caterpillar’s adjusted earnings per share, a figure followed by financial analysts and investors, totaled $2.69 a share. That was better than consensus analyst forecasts of $2.26, according to CNBC.
Caterpillar produces earth-moving machines, heavy trucks, and other equipment used in industries such as mining and energy. The company operates globally and it’s a barometer of manufacturing activity generally.
During 2020, Caterpillar coped with lower demand related to the COVID-19 pandemic.
“Our team continues to execute our strategy for long-term profitable growth while striving to meet customer demand,” Caterpillar CEO Jim Umpleby said in a statement.
For all of 2021, Caterpillar reported a profit of $6.5 billion, or $11.83 a share. That was an improvement from almost $3 billion, or $5.46. Full-year revenue totaled almost $51 billion up from $41.7 billion in 2020.
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