Cat North America sales notes only 12% surge in 2021

US-based machinery equipment manufacturer Caterpillar Inc (Cat) North American sales and revenues noted a 12% surge throughout the first quarter, increasing from $10.6 Billion the previous year to $11.9 Billion in the current year 2021. Cat’s three primary segments across the world witnessed higher sales—construction industries up by 27%, resources industries up by 27%, energy and transportation up by 4%. Whereas construction industries of CAT in North America grew merely 2% during the quarter, however, there was an immense boost in Asia/Pacific (up to 72%), Europe/Middle East/Africa (22%), and Latin America (48%). The company told the media that higher sales were due to increased sales volume backed by increased end-user demand and the impact of changes in dealer inventories, which increased by $700 million. In North America, the revenues of Cat’s financial products declined by 9%, compared to Q1 2020. The company said by improving requirements in its end markets and proactively handling supply chain hazards, it got inspired. According to the company, its team is committed to achieving profitability growth in the long haul. Image SourceAlso read: Caterpillar completes 50 years of manufacturing in India