Caterpillar’s Profit Surges Amidst Strong Demand for Construction Equipment
31 Outubro 2023 - 8:43AM
IH Market News
On Tuesday, Caterpillar (NYSE:CAT) reported an increase in
third-quarter earnings, driven by robust infrastructure investments
in key markets that spurred demand for its premium construction
equipment.
Before the market opened on Tuesday, the company’s shares were
up by 3.3%.
The demand for heavy machinery has been on the upswing as the
United States undertakes significant upgrades to its roads,
railways, and other transportation infrastructure through a $1
trillion package approved by the Senate in 2021 during the Biden
Administration.
Caterpillar’s profitability has also been positively impacted by
effective cost management and price adjustments that have helped
protect margins in the face of persistent inflationary
pressures.
The company’s profit climbed to $2.79 billion, or $5.45 per
share, compared to $2.04 billion, or $3.87 per share, in the same
period a year ago.
For the quarter ending in September, this industry leader
reported a 12% increase in sales, totaling $16.8 billion.
Caterpillar (NYSE:CAT)
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