UPDATE: Caterpillar Posts Upbeat Q2 Earnings, But Revenue Misses Estimates
Caterpillar (NYSE: CAT) reported better-than-expected second-quarter profit. However, the company's revenue missed analysts' estimates.
The Peoria, Illinois-based company posted a quarterly profit of $999 million, or $1.57 per share, versus a year-ago profit of $960 million, or $1.45 per share. The latest quarter results included a negative impact of $0.12 per share for earlier announced restructuring activities. Excluding items, its earnings came in at $1.69 per share.
Its revenue slipped to $14.15 billion. However, analysts were expecting earnings of $1.52 per share on revenue of $14.47 billion.
Construction Industries' sales rose 11% y/y to $5.407 billion, while Resource Industries' sales fell 29% to $2.241 billion. Energy & Transportation's sales came in mostly flat at $5.175 billion, while Financial Products' revenue rose 3% to $834 million.
Caterpillar Chairman and Chief Executive Officer Doug Oberhelman said, "We're pleased with our second-quarter results, particularly the improvement in profit. We increased the bottom line despite a weak quarter for our Resource Industries segment, which is principally mining. Three key things are contributing to the continuing strength of our financial results—the diversity of our businesses, substantial success in operational improvements through the execution of our strategy and the strength of our cash flow and balance sheet."
Caterpillar lifted its full-year earnings forecast by $0.10 per share to $6.20 per share. It now expects revenue of $54 billion to $56 billion, versus $53.2 billion to $58.8 billion.
Caterpillar shares fell 1.78% to $106.45 in pre-market trading.
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