Reuters

Caterpillar may hike prices further, experiencing production delays

Caterpillar Inc said on Thursday that inflation may force further price hikes across the board as the manufacturer tries to navigate through production delays after reporting a quarterly profit on Thursday that beat analysts’ estimates. “This has been the first quarter where it (supply chain challenges) started to impact us significantly,” Chief Financial Officer Andrew Bonfield told Reuters, adding that the company had not experienced any shutdowns yet. Global supply chain disruptions triggered by the pandemic and inflationary cost pressures have hit the company’s earnings in the recent past, with Caterpillar raising equipment prices already twice this year to offset the impact.

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