(Reuters) –Caterpillar Inc beat quarterly revenue estimates on Friday on sustained demand for its heavy machinery and construction equipment as global economic activity recovers from pandemic lows.
The company’s sales have surged over the last year as construction demand across the majority of its regions saw an unprecedented level of public spending.
The impact of global supply chain disruptions triggered by the pandemic and inflationary cost pressures have been cushioned by the company’s decision to raise equipment prices.
CAT’s total revenue rose 23% to $13.80 billion in the fourth quarter ended Dec. 31, beating analysts’ average estimate of $13.15 billion, according to Refinitiv data.
It earned a profit of $2.12 billion compared to $780 million a year ago. On an adjusted basis, Caterpillar earned $2.69 per share.
Shares of the world’s largest heavy-duty equipment maker were up 2% in premarket trading.
(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)
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