Caterpillar adjusted profit rises on higher equipment prices
2022.08.02 14:22
FILE PHOTO: Caterpillar Inc. equipment is on display for sale at a retail site in San Diego, California, U.S., March 3, 2017. REUTERS/Mike Blake/File Photo
(Reuters) -Industrial bellwether Caterpillar Inc (NYSE:CAT) 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.
