The construction machinery and equipment company reported an adjusted quarterly profit of $2.88 per share on revenue of $13.6 billion
"I’m proud of our global team’s performance as they achieved double-digit sales growth despite ongoing supply chain challenges," Caterpillar chairman and CEO Jim Umpleby said in a statement. "We remain focused on supporting our customers and executing our strategy for long-term profitable growth." Caterpillar's construction industries segment sales grew 12% year over year to $6.12 billion. The segment's higher sales volume in the U.S.
The resource industries segment saw sales jump 30% year-over-year to $2.83 billion, driven by the impact of changes in dealer inventories and higher end-user demand for aftermarket parts. The energy and transportation segment's sales rose 12% to $4.51 billion. Dealers increased inventories by $1.3 billion during the first quarter of 2022, compared with an increase of $700 million during the first quarter of 2021.
Caterpillar's sales surged 14% in the first quarter of 2022 as the construction machinery and equipment company saw strong demand from higher end-users and increased inventories from dealers compared to the same period a year ago Caterpillar dealt with rising costs in the quarter. Costs and expenses totaled $11.73 billion, up 13% from a year ago. The company said higher manufacturing costs primarily reflected more expensive material and freight costs. Operating profit margin was 13.7% for the first quarter of 2022, compared with 15.3% for the first quarter of 2021.
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