Caterpillar boosted by demand
PEORIA, Ill. (AP) – Caterpillar recorded a very strong second quarter with demand beginning to the rise after the company cut costs vigorously.
The heavy equipment maker boosted its full-year forecast as ordering activity picked up, sending shares 4 percent higher before Tuesday’s opening bell.
Caterpillar Inc. earned $802 million, or $1.35 per share. A year ago the Peoria, Ill., company earned $550 million, or 93 cents per share.
Stripping out restructuring costs and a gain on the sale of an equity investment, earnings were $1.49 per share, handily surpassing Wall Street expectations of $1.26, according to a poll by FactSet.
Revenue climbed to $11.33 billion from $10.34 billion, partly helped by higher demand for construction equipment. Wall Street expected revenue of only $10.95 billion.