Caterpillar: raises forecast after 'impressive' quarter.
(CercleFinance.com) - Caterpillar reported higher quarterly earnings on Tuesday and raised its full-year forecast, sending its shares up more than 4 percent in pre-market trading.
The world's largest maker of earth-moving equipment said second-quarter net profit rose to 802 million, or 1.35 dollar a share, from 550 million dollars, or 93 cents a share, a year earlier.
Revenue increased to 11.3 billion dollars, from 10.3 billion dollars in the same period one year ago.
The group said it delivered an "impressive" quarter.
"While a number of our end markets remain challenged, construction in China and gas compression in North America were highlights in the quarter," CEO Jim Umpleby said in a statement.
Caterpillar pointed out that mining and oil-related activities have come out of recent lows, and is also seeing improving demand for construction.
As a result of increased demand across many end markets and disciplined cost control, the Illinois-based company raised its full-year revenue forecast to a range of 42 billion to 44 billion dollars.
That compares with its previous estimate of sales and revenues between 38 billion dollars and 41 billion dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The world's largest maker of earth-moving equipment said second-quarter net profit rose to 802 million, or 1.35 dollar a share, from 550 million dollars, or 93 cents a share, a year earlier.
Revenue increased to 11.3 billion dollars, from 10.3 billion dollars in the same period one year ago.
The group said it delivered an "impressive" quarter.
"While a number of our end markets remain challenged, construction in China and gas compression in North America were highlights in the quarter," CEO Jim Umpleby said in a statement.
Caterpillar pointed out that mining and oil-related activities have come out of recent lows, and is also seeing improving demand for construction.
As a result of increased demand across many end markets and disciplined cost control, the Illinois-based company raised its full-year revenue forecast to a range of 42 billion to 44 billion dollars.
That compares with its previous estimate of sales and revenues between 38 billion dollars and 41 billion dollars.
Copyright (c) 2017 CercleFinance.com. All rights reserved.