(Reuters) – Caterpillar Corp reported a rise in second-quarter adjusted net profit on Tuesday, driven by strong demand for its heavy-duty excavators and construction equipment amid rising U.S. infrastructure spending.
The machinery maker reported adjusted earnings per share of $5.99 (5.49 euros) in the April-June period, compared with $5.55 a year earlier.
Caterpillar’s profit was supported by higher construction equipment prices, which offset higher manufacturing costs.
Caterpillar, however, posted a drop in quarterly revenue to $16.7 billion from $17.3 billion the year before.
The group had said in April that it expected its turnover to fall by June 30 due to a decline in demand for its equipment, after a surge last year.
It also benefited from the $1 trillion infrastructure bill passed by U.S. President Joe Biden in 2021 to modernize roads, bridges and other transportation infrastructure.
(Written by Shivansh Tiwary in Bangalore, Augustin Turpin, edited by Kate Entringer)
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