The
industrial bellwether's shares, which have risen 7.8% this year,
were up 3.5% at $202 in premarket trading.
Caterpillar's sales have surged for three consecutive quarters
as construction demand worldwide has been propped up by an
unprecedented level of public spending.
Rising oil and commodity prices have also boosted the company's
sales, with customers ordering more equipment to ramp up
production.
Sales from Caterpillar's construction industries business, its
largest unit, rose 30% while sales at its energy &
transportation unit jumped 22%.
However, global supply chain disruptions triggered by the
pandemic and inflationary cost pressures have hit the company's
earnings in the recent past, with Caterpillar raising equipment
prices to offset the impact.
The company's adjusted profit rose to $2.66 per share in the
third quarter ended Sept. 30, beating analysts' estimates of
$2.20, according to Refinitiv IBES data.
Total sales and revenue rose 25.4% to about $12.40 billion,
compared with estimates of $12.48 billion.
(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by
Shounak Dasgupta)
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