Caterpillar Sales Soar 24% on Data Centre Demand
Caterpillar's sales and revenue have surged to new heights, reaching USD20.5 billion in the second quarter of this year. This represents a significant increase of 24% compared to the same period last year.
The company's power generation division saw a notable jump of 29% in sales, primarily driven by demand for large reciprocating engines and turbines to power data centres. The Construction Industries segment also experienced growth, with sales increasing by 35% to USD8.4 billion.
Caterpillar's net profit rose by 64% to USD2.2 billion during the quarter, with the company also booking USD392 million in expected tariff refunds. Despite falling over 15% last month due to an AI infrastructure sell-off, Caterpillar shares have risen 9% in pre-market trading.
In a statement, Caterpillar's chairman and CEO Joe Creed said, 'This is the first time in company history that we have generated over $20 billion in sales and revenue in a single quarter.'