Resurgent demand drives Caterpillar sales in third quarter

Construction demand drove third quarter sales higher at Caterpillar as did rising demand from miners and other heavy industry as the global economy emerges from the pandemic.

Revenue climbed 25% to $12.4 billion. Despite falling just shy of Wall Street projections on revenue, shares of Caterpillar are up 2% in early trading on Thursday.

The construction industry was hit by the spread of COVID-19 like all others, but the pandemic did drive housing, and construction, demand as people sought larger or new places to live. Mining and construction have taken off this year as well as industries begin to elevate production.