US industrial equipment manufacturer Caterpillar has reported Q3 sales of US$12.4 billion, up 25% on the same period last year. Mining and quarrying sales climbed 32% year-on-year to $2.4 billion on “higher end-user demand for equipment and aftermarket parts”.
“End-user demand was higher in both mining and heavy construction and quarry and aggregates,” the company said.
Segment profit rose 78% yoy in the September quarter to $297 million on “higher sales volume and favourable price realisation, partially offset by unfavourable manufacturing costs”.
Caterpillar, which booked 2020 full-year sales of $41.7b, claims to be the world’s leading manufacturer of construction and mining equipment.
Net profit for the first nine months of 2021 came in at $4369m, compared with $2218m in 2020. Sales for the period totalled $37.17b compared with $30.5b in 2020.
“Our third-quarter results reflect higher sales and revenues across our three primary segments and in all regions,” said Caterpillar CEO Jim Umpleby.