Caterpillar Profit Rises on Construction Equipment Demand

Reuters2023-10-31

Caterpillar reported a rise in third-quarter profit on Tuesday, as strong infrastructure investments across key markets boosted demand for its high-end construction equipment.

Its shares were up 3.3% before the bell on Tuesday.

Demand for heavy equipment has been on the rise as the United States upgrades its roads, railways and other transportation infrastructure under a $1 trillion package approved by the Senate in 2021 under the Biden Administration.

Caterpillar's profit has also benefited from effective cost controls and price hikes shielding margins amid ongoing inflationary pressures.

Its profit rose to $2.79 billion, or $5.45 per share, from $2.04 billion, or $3.87 per share, a year earlier.

The industry bellwether's sales for the quarter through September rose 12% to $16.8 billion.

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