(New York) The American group Caterpillar benefited from a combination of higher prices and volumes in the second quarter, which led to a 22% increase in turnover and a net profit almost doubled to close to 3 billion of dollars.

“Our results illustrate continued strong demand,” Group CEO Jim Umpleby said in a statement.

Turnover reached 17.32 billion dollars and net profit stood at 2.92 billion, against 1.67 billion a year earlier.

Diluted per share and excluding exceptional items, earnings were $5.67, compared to $3.13 in the second quarter of the previous year. That’s much better than analysts’ expectations, which averaged $4.57.

Sales of equipment to the end consumer increased in volume and resellers increased their inventories – in particular in the Energy and Transport branch (27%) – whereas they had reduced them at the beginning of the year, underlined the band.

But manufacturing costs that increased the price of materials as well as higher overhead and research and development expenses eroded operating profit, which nevertheless jumped 88%.

“We expect the third quarter to be better in both revenue and margins” year over year, Umpleby told CNBC, acknowledging he expected the downturn, ” seasonal” between the second and third trimesters.

It also reported ongoing supply issues, “challenges” in particular for the manufacture of large machinery, which affects its activities in energy and transport and for embedded systems due to a lack of microchips.

The group is considered a barometer of the health of the global economy since its machines, materials, equipment and services are used in many sectors of activity depending on the economic situation.

The activity of its Construction branch grew by 19%, whereas it had been moribund at the start of the year.

At the end of the quarter, Caterpillar had cash of $7.4 billion. He paid $600 million in dividends and bought back $1.4 billion of his shares.

The title jumped 7.77% to 285.77 dollars around 12:30 p.m. (Eastern time) on the New York Stock Exchange.