Caterpillar Inc. (CAT), a leading construction and mining equipment manufacturer, reported double-digit top-line growth and record-high adjusted profit per share for the fiscal first quarter ended March 2023. Despite the economic slowdown, the industry has maintained consistent sales growth due to pandemic backlogs and increased demand from new factory constructions.
Given the ramped-up construction projects, CAT attained a remarkable quarter, exceeding analysts' expectations. With management expecting 2023 to be better than previously anticipated, the stock could be a wise investment now.
