By Connor Hart
Caterpillar notched a higher profit and jump in sales during the first quarter, driven by continued demand for its construction equipment, as well as its engines and generators.
The company--known for its giant yellow dump trucks, bulldozers and other equipment--posted a profit of $2.55 billion, or $5.47 a share, compared with $2 billion, or $4.20 a share, a year earlier.
Stripping out one-time items, earnings were $5.54 a share. Analysts surveyed by FactSet expected adjusted earnings of $4.65 a share.
Total sales and revenues increased 22% to $17.42 billion, topping Wall Street models for $16.53 billion. The company attributed the gain to higher sales volumes as well as favorable price realizations.
Sales across Caterpillar's power and energy division climbed 22%, to $7.03 billion. The division has grown quickly, primarily driven by sales of large power-generation sets and turbines that are powering data-center projects amid the artificial-intelligence boom.
The equipment maker's construction industries unit notched sales of $7.16 billion, a 38% jump from last year. Sales across its resource industries division ticked 3.7% higher, to $3.8 billion.
Chief Executive Joe Creed said Caterpillar's year is off to a strong start, driven by resilient end markets and disciplined execution amid a dynamic operating environment.
"A record backlog provides a strong foundation for continued positive momentum," he added.
Shares climbed 5.3%, to $853, in premarket trading Thursday.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
04-30-26 0708ET
