-Caterpillar Inc’s third-quarter adjusted profit rose on Thursday, as construction demand and higher commodity prices boosted sales of heavy equipment across its businesses.
The company, an industrial bellwether and proxy for global economic activity, has benefited from increased construction demand in North America and a rise in oil and commodity prices that is prompting customers to order more equipment as they ramp up production.
Sales at Caterpillar’s construction industries business, its largest unit, rose 30% to $5.26 billion in the third quarter ended Sept. 30.
Adjusted profit rose to $2.66 per share from $1.52 per share a year earlier, when the pandemic hit sales.
Total sales and revenue for the reported quarter rose 25% to $12.4 billion.
(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Shounak Dasgupta)
