Caterpillar CEO Joe Creed said the US manufacturer’s strongest quarterly resources segment order intake since 2012 wasn’t a straight apples-to-apples comparison but did reflect surging gold and copper mining sales that were expected to continue in 2026.
The company booked group revenues of US$17.415 billion, up 22% year-on-year on the back of volume and price increases.
Resource Industries, including mining, quarrying and heavy construction, posted a 4% yoy gain to $3.797 billion.
Creed said heavy brownfield mine equipment investment, including in fleet replacement, was a factor. Automation and other technology on new equipment would increasingly drive fleet turnover, he said.
“It’s really strong mining [activity], particularly copper and gold, that’s driving the backlog growth,” Creed said. Heavy construction equipment sales to a “very resilient” North American construction industry was also impacting orders.
“The RI segment now has rail in it. So when you do a 2012 comparison it’s not going to be apples to apples. But we’re going to continue to invest in the business. The strong orders are a great sign of what we think is to come.”
