Cat Q3 revenues take 25% jump
By Mike Brezonick02 November 2021
Caterpillar has announced third quarter 2021 sales and revenues of $12.4 billion, a 25% increase on the $9.9 billion it reported during the same period last year. The company said its sales were driven by a higher demand for equipment and services, as well as “favorable price realization.”
The Construction Industries business segment achieved total sales of $5.25 billion for the third quarter of 2021, an increase of $1.19 billion, or 30% ahead of the $4.05 billion it earned in the same period of 2021.
“Our global team continues to execute our long-term strategy for profitable growth while working to mitigate supply chain challenges as we serve our customers,” said Jim Umpleby, Caterpillar chairman and CEO. “Our third-quarter results reflect higher sales and revenues across our three primary segments.”
While the Construction Industries segment saw sales gains in North America, Latin America and the EMEA region during the three months up to the end of September 2021, the segment reported a 13% drop in sales and revenues for the Asia/Pacific region.
Caterpillar said that “lower sales in China, driven by lower end-user demand and impacts of changes in dealer inventory, were partially offset by increased sales across the rest of the region.”