Caterpillar profits rise but says supply chain still messy jordantimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jordantimes.com Daily Mail and Mail on Sunday newspapers.
Broad-based industrial growth propelled Caterpillar to higher third-quarter profits, according to results released Thursday, but executives said supply chain problems prevented even better earnings.
Caterpillar Sees Profit Jump, Warns Of Supply Chain Stress
04/29/21 AT 11:05 AM
Caterpillar reported strong profits Thursday but highlighted potential supply chain problems as a risk and said there were still too many uncertainties to provide a full-year profit forecast.
The industrial giant scored better-than-expected results in the first quarter, highlighting strong construction industry demand, especially in China.
Executives also said they were bullish on the resources segment due to greater need for metals for electric cars and other items seeing increased demand. Caterpillar manufactures machinery for the construction, resource and energy industries. There are positive signs in a number of our end markets, said Chief Executive Jim Umpleby, who added that the company is monitoring the ongoing shortage of semiconductors, as well as raw materials.
Caterpillar Sees Better 2021 As 4Q Earnings Drop
01/29/21 AT 9:56 AM
Caterpillar reported a drop in fourth-quarter and annual profits Friday on broadly lower sales amid the pandemic, but said it expects an improving 2021 with global economic recovery.
The industrial giant, which manufacturers and sells equipment for the mining, construction and energy industries, sees a better 2021 after the hit from the coronavirus weighed on results last year, Chief Executive Jim Umpleby said on a conference call with analysts.
However, Caterpillar did not reinstate annual projections. The company withdrew its forecast in March amid the upheaval of the pandemic. We do expect 2021 to be better, said Umpleby, adding that the trajectory of the coronavirus remained a wild card, along with the effectiveness of the vaccine rollout.
Butler on wheels, robot cutting salad: How COVID sped automation sentinelsource.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sentinelsource.com Daily Mail and Mail on Sunday newspapers.