RTTNews | Jan 28, 2022 06:52AM EST

06:51 Friday, January 28, 2022 (RTTNews.com) - Caterpillar Inc. (CAT), a manufacturer of mining and construction equipment, reported Friday that fourth-quarter net income more than doubled to $2.12 billion or $3.91 per share from $780 million or $1.42 per share in the prior-year quarter.

Excluding special items, adjusted net income for the quarter were $2.69 per share, compared to $2.12 per share in the year-ago quarter.

Total sales and revenues for the quarter increased 23 percent to $13.80 billion from $11.24 billion in the same quarter last year, due to higher sales volume, driven by higher end-user demand for equipment and services and the impact from changes in dealer inventories, along with favorable price realization.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.26 per share on revenues of $13.15 billion for the quarter. Analysts' estimates typically exclude special items.

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