Deerfield, IL - Caterpillar's second-quarter easily beat Wall Street expectations thanks in part to the blistering pace of construction and demand for big machines.
Caterpillar Inc. reported $14 billion in sales and revenue, a 24-percent increase from a year ago. Profit per share was $2.82, double the second-quarter 2017 figure.
CEO Jim Umpleby says overall market strength and strong demand in mining and oil and gas sectors are fueling the company’s positive outlook. Umpleby notes recently-imposed steel tariffs will increase material costs for the remainder of the year. Caterpillar anticipates fiscal discipline and price increases will offset tariff losses.
The Deerfield-based company now anticipates full-year adjusted earnings in a range of $11 to $12 per share, an increase from first-quarter estimates.