Caterpillar says it expects strong end-user demand and pricing to drive its second-quarter sales higher after it reported a 14% year-on-year lift to US$13.6 billion in the first three months of 2022.
The New York Stock Exchange-listed equipment manufacturer said its major construction and energy/transport (both plus-12% yoy) segments increased sales in Q1, to $6.1 billion and $5b, respectively. Resources saw a 30% yoy surge to $2.8b, boosted by stronger volumes and better pricing.
Caterpillar posted revenues of $51b in FY21.
The 14% lift in Q1 included $1.2b of volume and $0.7b of price gains.
Higher manufacturing costs and currency losses cut its operating profit margin by 1.6 basis points to 13.7%. Caterpillar said Q1 operating profit was $1.855b versus $1.814b in Q1 last year.