The American Caterpillar, a manufacturer of equipment for road construction and the mining industry, increased its net profit by 18.4% in the second quarter of 2022, but revenue was slightly worse than experts expected.

The company’s net profit in April-June amounted to $1.673 billion, or $3.13 per share, compared with $1.413 billion, or $2.56 per share, a year earlier. Adjusted earnings rose to $3.18 per share from $2.60.

Revenue grew by 11% and reached $14.25 billion against $12.89 billion the previous year.

Analysts polled by FactSet had, on average, expected adjusted earnings of $3.01 per share on revenue of $14.28 billion.