Caterpillar’s Q1 profit rises on resilient demand, pricing

Caterpillar Inc Reports Rise in Q1 Profit Thanks to US Infrastructure Spending

Heavy machinery manufacturer Caterpillar Inc has announced a rise in Q1 profit, thanks to a boost in US infrastructure spending. The Biden administration’s infrastructure legislation encouraged spending in the construction sector, leading to increased demand for Caterpillar’s excavators, bulldozers, and trucks. Additionally, the company’s energy customers placed more orders for parts and engines as drilling activities surged with higher oil and gas prices. Despite ongoing supply challenges and higher material and freight costs, Caterpillar’s healthy demand and strong pricing helped it navigate these obstacles. As a result, the company’s sales and revenue for the quarter through March 31 rose to $15.9 billion from $13.6 billion a year ago, and adjusted profit rose to $4.91 per share from $2.88 a year earlier. Shares of the company rose 1.8% in premarket trade.

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