Caterpillar Results Improve on Strength in Mining, Construction Equipment
24 April 2019 - 2:37PM
Dow Jones News
By Micah Maidenberg
Caterpillar Inc. reported higher profit and revenue for the
first quarter on solid demand for its mining equipment and
construction machinery.
Sales totaled $13.47 billion for the quarter, up 5% from last
year and more than the $13.27 billion analysts predicted, according
to FactSet.
Revenue from its mining business rose 18% in the first quarter,
while construction sales were up 3%. Energy and transportation
equipment sales were flat.
In the U.S. and Canada -- Caterpillar's largest end market --
sales rose 7%, propelled by gains for construction products and
mining machinery.
The company reported a profit of $1.88 billion, or $3.25 a
share, up from $1.67 billion, or $2.74 a share, the year prior.
After adjustments, the company said it earned $2.94 a share, versus
the $2.83 a share analysts predicted.
Shares of Caterpillar are up 12% so far this year. The stock
gained 1% in pre-market trading Wednesday.
Caterpillar, based in Deerfield, Ill., boosted its adjusted
profit forecast for the year due to a tax benefit. It now predicts
$12.06 to $13.06 a share in earnings, up from the previous
expectations of $11.75 to $12.75 a share.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
April 24, 2019 08:22 ET (12:22 GMT)
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