(Reuters) – Caterpillar reported a sharp rise in fourth-quarter profit on Monday, supported by demand for construction equipment amid higher infrastructure spending and a rebound in the housing market residential in the United States.
Adjusted profit for the quarter was $2.68 billion (€2.49 billion), or $5.28 per share, compared to $1.45 billion, or $2.79 per share, a year ago. earlier.
Caterpillar shares were up 2.2% in pre-market trading on Wall Street.
Heavy equipment spending remains robust among commercial customers due in part to continued improvements to U.S. roads, railways and other transportation infrastructure, which are benefiting from an established investment program by the Joe Biden administration in 2021.
Caterpillar’s profit also benefited from effective cost controls and price increases aimed at combating inflationary pressures.
Revenue for the quarter ended December also increased to $17.1 billion from $16.6 billion recorded a year ago.
(Writing by Shivansh Tiwary in Bangalore; Lina Golovnya, edited by Kate Entringer)
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