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Caterpillar earnings show sales up 20% on strong demand
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Caterpillar Inc. said quarterly sales increased by 20%, aided by higher prices on its equipment that helped offset rising expenses for manufacturing and the strengthening U.S. dollar.
The company said demand for its construction and mining machinery and engines remained strong, especially in North America, as sales for the quarter were higher than expected.
Caterpillar, like other manufacturers, has raised prices in response to higher costs. The Irving, Texas-based company said higher prices boosted quarterly sales by $1.74 billion from the same period last year, while higher sales volumes of equipment added $1.56 billion. Unfavorable exchange rates when sales in foreign currencies were converted into U.S. dollars chopped $523 million from sales in the quarter, the company said.