Caterpillar has a big second quarter, raises outlook again
Caterpillar’s second-quarter easily beat Wall Street expectations thanks in part to the blistering pace of construction and demand for big machines, a the company boosted its full-year earnings forecast again.
Shares rose more than 3 percent Monday in premarket trading.
Caterpillar now anticipates full-year adjusted earnings in a range of $11 to $12 per share. In April the company raised its outlook to between $10.25 and $11.25 per share, from $8.25 to $9.25 per share.
Caterpillar Inc. earned $1.71 billion, or $2.82 per share in the quater. Excluding one-time gains or losses, per-share earnings were $2.97, far exceeding projections of $2.73 per share from industry analysts.
A year earlier the Deerfield, Illinois, company earned $802 million, or $1.35 per share.
Revenue climbed to $14.01 billion, from $11.33 billion.