Citing higher sales volume driven by both higher end-user demand and dealer inventory change, Cat says its Q2 sales and profits increased 29% to $12.9 billion, compared with $10 billion during the same period last year when the initial impacts of the pandemic were felt.
Cat dealers decreased their inventories less this year during the quarter ($400 million) than they did during Q2 2020, when they decreased inventories by $1.4 billion.
Double-digit sales and revenues percentage increases were seen Cat's three main global segments, with construction industries seeing a 40% increase, resource industries showing a 41% increase and energy and transportation realizing a 20% increase.
In North America sales and revenues, construction industries saw a 56% increase from Q2 2020 to Q2 2021, resource industries realized a 58% increase and energy and transportation gained 10%. Cat says these gains were due to higher sales volume and favorable price realization, driven by higher end-end user demand primarily in residential construction.
“Our dedicated global team remains focused on serving our customers, executing our strategy and investing for future profitable growth,” says Jim Umpleby, Caterpillar chairman and CEO . “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.”