Caterpillar beats Wall Street's 1Q expectations, touting higher sales volume
Caterpillar saw a stronger-than-expected end to the first quarter of 2022.
Sales and revenues hit $13.6 billion, a 14% increase compared with the first quarter of last year.
The company attributed the increase to higher sales volume. Dealers increased inventories more in the first three months of this year, compared with 2021.
In a filing with the federal Securities and Exchange Commission, Caterpillar reported higher sales volume offset higher material and freight costs.
Profit per share was $2.86 this quarter, up from $2.77 per share in 2021's first quarter. Operating profit was up by 2%.
Caterpillar shares were down about 1.5% premarket on Thursday morning. That comes on the heels of a report that the U.S. economy shrank in the first quarter, according to a U.S. Commerce Department preliminary estimate released Thursday morning.