Executives said Friday that demand for construction equipment remains elevated, but supply issues and cooling construction in
Sales climbed 23% to
Construction industry sales rose 27%, driven by an improvement in dealer inventories, higher end-user demand and increased prices.
Sales in the resource industries segment also climbed 27% on higher end-user demand for equipment and aftermarket parts, and higher prices. End-user demand was higher in mining and heavy construction.
The
That growth, fueled by the emergence of the
“Dealer inventories are generally near the low end of the typical range due to strong customer demand and our supply chain challenges. Currently availability is extended for some products due to the shortage of semiconductors and other components,” said CEO
“Amid ongoing supply chain constraints, our team continues to execute our strategy for long-term profitable growth while striving to meet customer demand,”
But the pandemic has created other massive shifts, including a migration to larger homes that could accommodate people working, or going to school, from home.
Sales of new single family homes rose in December to their highest level in 10 months. The increase put the seasonally adjusted annual sales pace to 811,000 for the month, according to the
In that environment, demand for
For the three months ended
A year earlier the
Revenue for the entire year jumped 22%, to
Shares declined almost 6% Friday.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source