Caterpillar adjusted profit rises on resilient demand
2024.08.06 06:50
(Reuters) -Caterpillar reported a rise in quarterly adjusted profit on Tuesday, lifted by resilient demand for its larger excavators and other construction equipment against the backdrop of increased infrastructure spending in the U.S.
President Joe Biden’s $1 trillion infrastructure law, passed in 2021, aimed at upgrading roads, bridges and other transport infrastructure, has helped Caterpillar (NYSE:) largely offset weakness in its Europe and China businesses.
Higher prices on larger construction equipment have also shielded the company’s profits against rising manufacturing costs.
Adjusted per-share profit for the second quarter ended June 30 rose to $5.99, from $5.55 a year earlier.
The company said sales and revenue for the quarter through June fell to $16.7 billion from $17.3 billion a year earlier.
