Record revenue of $20.54 billion and earnings of $8.17 per share highlight AI-driven construction spending beyond chipmakers.
Caterpillar reported record quarterly revenue of $20.54 billion and adjusted earnings of $8.17 per share, surpassing Wall Street expectations. The results drove a 10% jump in its stock, contributing significantly to gains in the Dow Jones Industrial Average.
The earnings beat reflects strong order rates and a growing backlog across all segments, with data center construction emerging as a key growth driver. While AI demand has focused on chipmakers like Nvidia, Caterpillar’s results underscore the broader economic impact of AI infrastructure.
CEO Joe Creed noted that AI data centers require heavy machinery for land clearing, power systems, and construction, funneling billions into industrial sectors beyond traditional tech stocks.