Resurgent demand drives Caterpillar sales in third quarter

Construction demand drove third quarter sales higher at Caterpillar as did rising demand from miners and other heavy industry as the global economy emerges from the pandemic

Construction demand drove third quarter sales higher at Caterpillar as did rising demand from miners and other heavy industry as the global economy emerges from the pandemic.

Revenue climbed 25% to $12.4 billion from $9.88 billion, and in the construction industry unit, revenue increased to $5.26 billion, from $4.06 billion.

Despite falling just shy of Wall Street projections on revenue, shares of Caterpillar Inc. jumped more than 3% before the opening bell Thursday.

Dealers lowered inventories by $300 million in the third quarter, a considerable improvement from the $600 million cut a year earlier, the Deerfield, Illinois, company reported.