Huge demand at Caterpillar, but global supply constrains

By MICHELLE CHAPMAN
AP Business Writer

Caterpillar’s sales surged in the final quarter of the year despite ongoing disruptions in the global supply chain that have hit almost every sector of the economy. Sales climbed 23% to $13.8 billion, the construction machinery company said Friday, topping Wall Street expectations of $13.36 billion. Construction industry sales rose 27%. Caterpillar $2.12 billion, or $2.69 per share, far exceeding Wall Street’s per-share expectations of $2.23. Shares rose more than 2% before the market opened.