Despite extended weakness in the broader market, shares of construction and mining equipment manufacturer Caterpillar, Inc. (CAT) has gained 38.9% over the past six months. Moreover, it has gained 10.7% over the past year. The stock hit a new 52-week high of $245.05 on December 27, 2022.
The company delivered double-digit top-line growth in the third quarter of fiscal 2022. CAT reported sales of $15 billion, a 21% increase year-over-year. The increase was primarily driven by favorable price realization and higher sales volume. Also, its adjusted profit per share was $3.95, compared to $2.66 in the prior-year quarter.
