Video source: YouTube, Caterpillar Inc.
Caterpillar Inc on Friday reported a rise in second-quarter adjusted profit, as a recovery in global economic activity from pandemic lows fueled demand for its heavy machinery and construction equipment.
The company, an industrial bellwether and proxy for global economic activity, has been benefiting from higher infrastructure spending around the globe, particularly in China.
The global economy is expected to expand at 6.0% this year and 4.5% in 2022, according to Reuters polls but a majority of the economists flagged the latest coronavirus variants as the biggest risk to the outlook.
Adjusted profit for the three months ended June 30 rose to $2.60 per share, from $1.27 per share, a year earlier.
Revenue rose to $12.89 billion from $9.997 billion.
Higher commodity prices have also aided Caterpillar, as mining customers generally order more equipment to raise production.
Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Sriraj Kalluvila.