Caterpillar Inc. (NYSE: CAT) said its 2021 fourth-quarter sales increased 23% over the same period a year before, and full-year sales increased 22% over 2020.

Sales and revenues for the fourth quarter of 2021 were $13.8 billion, compared with $11.2 billion in the fourth quarter of 2020.

Fourth-quarter 2021 profit per share was $3.91, compared with $1.42 profit per share in the fourth quarter of 2020.

Full-year sales and revenues in 2021 were $51 billion, compared with $41.7 billion in 2020. The increase reflected higher end-user demand for equipment and services and the impact from changes in dealer inventories, the company said.

“I’m proud of our global team’s continued resilience in what proved to be a challenging and dynamic operating environment. We delivered adjusted operating profit margins and ME&T free cash flows consistent with our long-term targets established during our 2019 Investor Day,” said Chairman and CEO Jim Umpleby. “Amid ongoing supply chain constraints, our team continues to execute our strategy for long-term profitable growth while striving to meet customer demand.”