Caterpillar Adjusted Profit Rises on Higher Equipment Prices

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Caterpillar Adjusted Profit Rises on Higher Equipment Prices

Reuters2022-08-02

(Reuters) - Industrial bellwether Caterpillar Inc reported a bigger second-quarter adjusted profit on Tuesday, as higher equipment prices helped soften the blow from elevated freight and raw material costs.

Even though supply-chain issues have resulted in higher costs for the blue-chip company, a barometer for global industrial activity, it has benefited from a strong equipment demand along with price hikes and cost controls.

"Our second-quarter results reflect healthy demand across most of our end markets," Chief Executive Jim Umpleby said.

Caterpillar's revenue for the quarter through June rose to $14.25 billion from $12.89 billion a year ago.

Adjusted profit rose to $3.18 per share from $2.60 per share.

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th0mastan
·2022-08-02
Seems like the equipment suppliers are going through a recovery phase with the share prices trending up
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shmakovdima
·2022-08-02
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