by Christopher Freeburn | April 24, 2014 9:31 am
Shares of Caterpillar (CAT) climbed more than 3% in Thursday morning trading after the construction equipment-maker posted a better-than-expected first-quarter profit.
CAT stock rose after Caterpillar said it earned $922 million during the quarter, up 4.8% from $880 million during the year-ago period. Adjusted EPS came in at $1.61, far above the $1.24 that analysts had anticipated, the Wall Street Journal notes.
First-quarter revenue at CAT was $13.24 billion, slightly above the $13.21 billion reported in the prior year, and topping the $13.17 billion that Wall Street was looking for.
CAT raised its adjusted earnings guidance for the full-year to $6.10 per share, up 25 cents from its previously-issued outlook.
Looking forward, CAT said anticipates annual global construction equipment sales to rise 10% compared to last year. Mining equipment was likely to have “another very tough year,” however. CAT CEO Doug Oberhelman noted that the company was monitoring China’s construction industry, which is facing slowing Chinese economic growth. He also noted that if the crisis in Ukraine did not see a “peaceful resolution” the fallout could negatively affect the “fragile” global economy, Reuters notes.
On Wednesday, Caterpillar stock closed at $103.38 a share.
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