RTR: Caterpillar beats earnings estimates as global recovery boosts sales

REUTERS reports:

Caterpillar Inc reported quarterly earnings that exceeded analyst estimates on Thursday, as demand for its machines was propelled by the fastest global economic growth since the 1970s.

The Illinois-based manufacturer of heavy machinery, a bellwether for economic activity, said stronger retail demand led dealers to boost inventories more in the latest quarter than a year ago, driving sales across all its three primary segments.

Adjusted profit was $2.87 per share, up from $1.65 per share a year earlier. Analysts surveyed by Refinitiv, on average, expected earnings of $1.94 per share (…).

Equipment sales rose 13% year-on-year to $11.2 billion, led by a 72% surge in construction machine sales in Asia…

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