Caterpillar Inc., the maker of heavy machinery, today reported a higher first-quarter profit on increased sales.
The Irving, Texas-based company posted a quarterly profit of $1.94 billion, or $3.74 a share, compared with $1.54 billion, or $2.86, in the year-earlier period.
Caterpillar generated adjusted profit per share of $4.91 for the quarter, up from $2.88 for the same period in 2022. The figure excludes some costs. On that basis, the Zacks Consensus Estimate was $3.79 a share.
Revenue for the quarter totaled $15.9 billion, up from $13.6 billion a year earlier.
Caterpillar reflects the health of manufacturing generally. It operates internationally and is in markets such as mining and construction.
The company said dealers increased their inventories of construction equipment by 10% compared with the year-earlier quarter. Construction equipment sales rose in North America and the company’s Europe, Africa, and the Middle East region while declining in Latin America and Asia.
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