Heavy equipment maker Caterpillar Inc. today reported an increased quarterly profit as revenue rose.
Irving, Texas-based Caterpillar posted a third-quarter profit of $2.04 billion, or $3.87 a share. That was up from year-earlier earnings of $1.43 billion, or $2.60.
Adjusted earnings on a per-share basis totaled $3.95, higher than the $3.16 consensus FactSet estimate, according to MarketWatch.
Revenue for the quarter increased 21 percent to $15 billion. Dealers boosted inventories during the quarter by $700 million, compared with a decrease of $300 million during the year-earlier period.
The company manufactures earth movers and other heavy equipment used in industries such as construction and mining. Caterpillar operates globally and is seen as an indicator of economic activity in manufacturing.
Caterpillar has been dealing with supply chain issues, which is typical in manufacturing.
The company saw “healthy demand across most of our end markets during the third quarter,” CEO Jim Umpleby said in a statement.
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