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Shares of the heavy equipment maker, whose performance is seen
as a barometer for global industrial activity, fell 3% before
the bell.
Western firms have taken a hit from U.S. sanctions on Russia,
which made it impossible to operate in the country following its
invasion of Ukraine in February. Caterpillar decided to suspend
its operations in March.
The industrial bellwether's sales in Europe, Africa and Middle
East regions fell about 3% to about $3 billion in the second
quarter. All the rest of the regions reported higher sales.
"Our second-quarter results reflect healthy demand across most
of our end markets," Chief Executive Jim Umpleby said.
Revenue in the three months through June rose about 11% to
$14.25 billion, but missed the analysts' average estimate of
$14.35 billion, according to Refinitiv data.
The company's sales have been capped by raw material shortages
and elevated freight costs, but strong equipment demand has
allowed it to raise prices.
However, operating profit margins fell to 13.6% from 13.9% in
the same period a year ago, while adjusted profit rose to $3.18
per share, above expectations of $3.01 per share.
(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Arun
Koyyur)
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