Caterpillar: 2Q Earnings Snapshot
DEERFIELD, Ill. (AP) _ Caterpillar Inc. (CAT) on Monday reported second-quarter profit of $1.71 billion.
The Deerfield, Illinois-based company said it had net income of $2.82 per share. Earnings, adjusted for restructuring costs, came to $2.97 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.66 per share.
The construction equipment company posted revenue of $14.01 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $13.77 billion.
Caterpillar expects full-year earnings in the range of $11 to $12 per share.
Caterpillar shares have decreased 9.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 5 percent. The stock has climbed 25 percent in the last 12 months.