DEERFIELD, Ill. (WEEK) -- Caterpillar says it is encouraged by higher sales and revenues in their second quarter financial report.
Sales and revenues came in at $12.9 billion, up 29 percent from 2020, which came in at $10 billion.
Caterpillar says the increase was because of higher sales volume, driven by higher end user demand for equipment and services, along with the impact from changes in dealer inventory. They also note dealers saw their inventories go down more during the second quarter of 2020 than the second quarter of 2021.
Profit per share came in at $2.56.
That is up from 84 cents from 2020.
Adjusted Profit per share for 2021 came in at $2.60, up from $1.27 a year ago.
“Our dedicated global team remains focused on serving our customers, executing our strategy and investing for future profitable growth,” said Caterpillar Chairman and CEO Jim Umpleby in a statement. “We’re encouraged by higher sales and revenues across all regions and in our three primary segments, which reflect continued improvement in our end markets.”
In their second quarter financial report, CAT officials also noted a strong balance sheet, returning $0.8 billion to shareholders through dividends and share repurchases.