DEERFIELD, Ill. — Caterpillar announced first-quarter sales and revenue of $11.9 billion on Thursday, up from $10.6 billion in the first quarter of 2020, a 12% increase.
CAT officials said higher profits were driven by higher sales volume, higher end-user demand, and the impact from changes in dealer inventories.
Profit per share came in at $2.77, up from $1.98 a year ago. Adjusted profit per share for 2021 was $2.87, up from $1.65 in the first quarter of 2020.
Caterpillar’s first-quarter operating profit margin was 15.3%, compared to 13.2% in Q1 2020.
“I’m proud of our global team’s strong performance as they continue to serve our customers,” said Caterpillar Chairman and CEO Jim Umpleby. “We’re encouraged by improving conditions in our end markets and are proactively managing supply chain risks. Our dedicated team continues to execute our strategy for long-term profitable growth,” Umpleby added.
CAT finished the first quarter this year with $11.3 billion of enterprise cash on hand.
Caterpillar did not release a financial outlook for 2021 in Thursday’s first quarter numbers report.
