Caterpillar reported first quarter 2021 sales and revenues of $11.887 billion compared with $10.635 billion in the first quarter of 2020, a 11.8% increase. The company’s Construction Industries Division posted total sales of $5.459 billion in the first quarter of 2021, an increase of $1.153 billion, or 27%, compared with $4.306 billion in the first quarter of 2020.
The increase was because of higher sales volume driven by higher end-user demand and the impact from changes in dealer inventories. Dealers increased their inventories more during the first quarter of 2021 than during the first quarter of 2020.
Operating profit margin was 15.3% for the first quarter of 2021, compared with 13.2% for the first quarter of 2020. First quarter 2021 profit per share was $2.77 compared with $1.98 in Q1 2020.
In North America, sales increased slightly because of higher end-user demand partially offset by the impact from changes in dealer inventories and unfavorable price realization. The higher end-user demand was driven primarily by residential construction.
“I’m proud of our global team’s strong performance as they continue to serve our customers,” said Caterpillar Chairman and CEO Jim Umpleby. “We’re encouraged by improving conditions in our end markets and are proactively managing supply chain risks. Our dedicated team continues to execute our strategy for long-term profitable growth.”