PEORIA, Ill. – Caterpillar Inc. (CAT) on Tuesday reported second-quarter profit of $550 million.
The Peoria, Illinois-based company said it had profit of 93 cents per share. Earnings, adjusted for restructuring costs, came to $1.09 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.
The construction equipment company posted revenue of $10.34 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $9.99 billion.
Caterpillar expects full-year earnings to be $3 per share, with revenue in the range of $40 billion to $42 billion.
Caterpillar shares have risen 16 per cent since the beginning of the year, while the Standard & Poor’s 500 index has increased 6 per cent. The stock has risen slightly more than 2 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAT at http://www.zacks.com/ap/CAT
Keywords: Caterpillar, Earnings Report, Priority Earnings