Caterpillar shares climb as company rides strong pricing to top quarterly profit estimates

📆 6/8/2024 08:38:00
📰 globeandmail

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Caterpillar said sales and revenue for the quarter through June fell to $16.7-billion from $17.3-billion a year earlier

beat Wall Street estimates for second-quarter profit on Tuesday, as higher prices on its larger excavators and other construction equipment countered moderating demand in North America.

Caterpillar has reaped the benefits from President Joe Biden’s 2021 infrastructure law, a $1-trillion enactment aimed at upgrading roads, bridges and other transport infrastructure. Caterpillar, which makes machinery for the construction, mining and oil and gas industries, reported a favourable price realization of $578-million in the second quarter. Overall sales in North America were up 1 per cent, while sales in its construction equipment business, its largest, were flat in the region.

After a strong 2023 when supply chain concerns and soaring demand prompted dealers to bulk up on heavy equipment, U.S. machinery makers are now seeing a moderation in product stocking at dealers.

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