Why Caterpillar Inc. (CAT) Stock Is Soaring Today

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Caterpillar Inc. (NYSE:CAT) stock was up on Tuesday following the release of its earnings report for the first quarter of 2017.

Why Caterpillar Inc. (CAT) Stock Is Soaring Today

During the first quarter of the year, Caterpillar Inc. reported revenue of $9.82 billion. This is up from its revenue of $9.46 billion that was reported during the first quarter of 2016. It also comes in above Wall Street’s revenue estimate of $9.26 billion for the quarter.

Caterpillar Inc. reported earnings per share of $1.28 in its first quarter of 2017. The is an increase over its earnings per share of 64 cents that was reported during the same time last year. It also beat out analysts’ earnings per share estimate of 62 cents for the first quarter of the year.

Operating income reported by Caterpillar Inc. in the first quarter of the year was $417 million. This is down from the operating income of $494 million reported in the same time last year. CAT contributes the decline in operating income to restructuring costs.

Caterpillar Inc. also updated its outlook for the full year of 2017 in its most recent earnings report. The company is expecting revenue for the year to range from $38 billion to $41 billion. This is up from its previous revenue outlook, which ranged from $36 billion to $39 billion. Wall Street is expecting CAT to report revenue of $38.25 billion for the year.

Caterpillar Inc. also says that it is expecting earnings per share for the full year of 2017 to be $3.75. CAT’s previous estimate had it reporting earnings per share of $2.90 for the year. Analysts are expecting the company to report earnings per share of $3.25 in 2017.

CAT stock was up 7% as of noon Tuesday and is up 11% year-to-date.


Article printed from InvestorPlace Media, https://investorplace.com/2017/04/caterpillar-inc-cat/.

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