By Micah Maidenberg

Caterpillar Inc. reported stronger demand for its construction and mining equipment in the second quarter, but higher costs for materials related to tariffs and labor weighed on profit.

The equipment manufacturer said Wednesday second-quarter revenue rose 3% from the year-earlier to $14.43 billion.

Caterpillar reported a profit $1.62 billion, or $2.83 a share, from $1.71 billion, or $2.82 a share, in the second quarter last year.

The company didn't make any adjustments to its profit for the quarter.

Analysts expected a second-quarter adjusted profit of $3.12 a share on $14.35 billion in revenue, according to FactSet.

Operating costs increased more than 3% to $12.22 billion.

Caterpillar said manufacturing expenses climbed in the second quarter, as costs for materials, including tariffs, labor and warranties rose.

The company said total revenue in the U.S. and Canada grew 11% in the second quarter compared with last year but fell 7% in Asia.

Revenue dropped 6% in the region covering Europe, Africa and Middle East but increased 9% in Latin America.

Caterpillar shares fell 3% in premarket trading.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

July 24, 2019 08:18 ET (12:18 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Caterpillar (NYSE:CAT)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more Caterpillar Charts.
Caterpillar (NYSE:CAT)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more Caterpillar Charts.