Caterpillar Inc. Stock Up on Q1 Earnings Beat

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Caterpillar Inc. (NYSE:CAT) stock was up on Tuesday following a positive result for its first quarter earnings report.

Caterpillar Inc. Stock Up on Q1 Earnings Beat

Caterpillar Inc.’s earnings report for the first quarter of the year includes earnings per share of $2.82. This is an increase over its earnings per share of $1.28 from the same time last year. It also easily beat out Wall Street’s earnings per share estimate of $2.07 for the quarter, which is good news for CAT stock.

Net profit reported by Caterpillar Inc. for the first quarter of 2018 came in at $1.67 billion. The machinery development company reported net profit of $192 million for the same period of the year prior.

During the first quarter of the year, Caterpillar Inc. reported operating profit of $2.11 billion. This is better than its operating profit of $192 million that was reported in the first quarter of 2017.

“The combination of strength in many of our end markets and our team’s continued focus on operational excellence – including strong cost control – helped us deliver improved margins and a record first-quarter profit,” Jim Umpleby, CEO of Caterpillar Inc., said in a statement.

Caterpillar Inc.’s revenue of $12.86 billion for the first quarter of 2018 was also a boon to CAT stock. Its revenue from the same quarter of the previous year was $9.82 billion. Analysts were looking for revenue of $11.93 billion for the period.

Caterpillar Inc. also updated its outlook for the full year of 2018 in its most recent earnings report. The company now expects earnings per share for the year to range from $10.25 to $11.25. Wall Street is estimating earnings per share of $9.17 from CAT for the full year.

CAT stock was up 2% as of Tuesday morning.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/04/caterpillar-beats-q1-estimates/.

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