Caterpillar announced on Wednesday that it anticipates its full-year revenue will be lower than previously forecasted due to rising borrowing costs and persistent inflation. The company briefly benefited from increased demand following President Biden’s 2021 $1 trillion infrastructure law, but that demand surge has slowed. Inflation concerns, declining farm incomes, and elevated manufacturing costs press machinery makers to reduce product inventories and moderate production levels.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Caterpillar announced on Wednesday that it anticipates its full year revenue will be
00:06lower than previously forecasted due to rising borrowing costs and persistent inflation.
00:11The company briefly benefited from increased demand following President Biden's 2021
00:16$1 trillion infrastructure law, but that demand surge has slowed.
00:20Inflation concerns declining farm incomes and elevated manufacturing costs press
00:25machinery makers to reduce product inventories and moderate production levels.
00:30For all things money, visit Benzinga.com slash GSTV.