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Dive Brief:
Caterpillar generated a record $20.5 billion in sales and revenue during the second quarter, driven by higher demand for bulldozers, power generators and other industrial equipment.
The Connecticut-based company saw growing momentum across its three main segments — construction, power and energy and resource industries — spurring a 24% increase in sales and revenue compared to $16.6 billion last year.
This was partially due to higher volumes and favorable pricing. Caterpillar saw positive dealer inventory changes in North America and backlog orders continue to grow from data center and oil and gas customers. The company also benefited from a $392 million refund related to revoked International Emergency Economic Powers Act tariffs.
