Caterpillar started off 2017 on stronger footing.
The company’s first quarter results showed gains in sales and revenues, for the first time in two years. Year-over-year, Cat brought in $9.8 billion, a 3 percent increase compared to this time last year, at $9.5 billion.
CEO Jim Umpleby says in a news release, the company is benefiting from “cost reduction and restructuring actions.”
The company says it anticipates building on its first quarter success. Cat improved its outlook for the year by 2 billion dollars. Caterpillar anticipates $38 to 41 billion dollars in sales and revenue for the year.
Caterpillar is in the midst of a massive restructuring that includes downsizing its workforce, as well as relocating its headquarters to Chicago’s Northern suburbs.
The results smashed Wall Street forecasts for full-year earnings to $3.75 per share from $2.90 per share. Wall Street analysts expected $3.26 per share.
Other findings from this morning’s report is Cat’s sales volume for replacement parts is up.
Improved sales in the Asia Pacific and Latin America also helped underpin Cat’s first quarter growth.