Caterpillar’s (NYSE:CAT) third-quarter adjusted profit rose 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.
Sales at Caterpillar's construction industries business, its largest unit, rose 30% to $5.26 billion U.S. in the third quarter ended September 30. Adjusted profit rose to $2.66 U.S. per share from $1.52 U.S. per share a year earlier, when the pandemic hurt sales.
Caterpillar said its total sales and revenue for the reported quarter rose 25% to $12.4 billion U.S.
