Caterpillar reported Q1/17 sales and revenues of $9.8 billion, which was up 3.8% from the $9.5 billion recorded in Q1/16. In its outlook, CAT noted that as a result of a stronger than expected start to the year the company’s expectations for full-year 2017 sales and revenue have increased.

“Our team delivered outstanding operational performance and, for the first time in more than two years, same quarter sales and revenues increased,” said Jim Umpleby, Caterpillar CEO. “We’re also benefiting from our significant cost reduction and restructuring actions, which have improved cash flow and further strengthened an already healthy balance sheet. With this momentum, we will continue to focus investment on improving our competitive position by investing in new technologies and improving our productivity to deliver profit growth and shareholder value.”

In North America, sales were flat as higher demand for aftermarket parts was offset by lower end-user demand for new equipment and the unfavorable impact of changes in dealer inventories as dealers increased inventories more in Q1/17 than in Q1/16. Also, increased demand in North America for oil and gas applications was offset by lower sales for infrastructure construction equipment.

On a global scale, sales were improved in most segments on a year-over-year basis despite decreases in North America, including construction industries (up 1% overall, down 7% in North America), resource industries (up 15% overall, down 1% in North America) and energy and transportation (up 2% overall, down 10% in North America).