Caterpillar is expected to report higher sales in its energy and mining businesses when it reports results on Thursday, aided by rising commodity prices sparked by the war in Ukraine, which could add to the large-equipment maker's reputation as an inflation hedge.
But with Europe and the US vowing to sideline Russian oil and gas, prices for Brent crude oil skyrocketed to a record $127.98 a barrel in March, while US West Texas Intermediate crude peaked at $123.70. The staggering rise in raw materials and oil prices is benefiting the Illinois-based manufacturer of construction and mining equipment.
Historically, a surge in commodity prices and inflation has tilted in Caterpillar's favour — boosting investors confidence in the blue-chip stock. Shares rose 19% in March 2022.
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