Editor’s Note: This article was updated on July 28, 2019, to correct the second-quarter 2018 revenue number.
Caterpillar earnings for the second quarter of 2019 have CAT stock falling on Wednesday.
The bad news for Caterpillar (NYSE:CAT) starts with its earnings per share of $2.83 for the second quarter of the year. This is up slightly from the company’s earnings per share of $2.82 from the second quarter of 2018. However, it was a blow to CAT stock by coming in well below Wall Street’s earnings per share estimate of $3.12 for the period.
The Caterpillar earnings report for the second quarter of 2019 also has it bringing in net income of $1.62 billion. This is down from the company’s net income of $1.71 billion reported during the same time last year.
Operating income reported by Caterpillar for the second quarter of the year comes in at $2.21 billion. That’s better than the company’s operating income of $2.17 billion reported in the second quarter of the previous year.
Caterpillar earnings for the second quarter of 2019 also have it bringing in revenue of $14.43 billion. This is a bit better than the company’s revenue of $14.01 billion from the same period of the year prior. Unfortunately for CAT stock, it just misses analysts’ revenue estimate of $14.44 billion for the quarter.
The most recent Caterpillar earnings report still has it maintaining its earnings per share outlook range of $12.06 to $13.06 for the year. However, the company does note that it now expects to be near the lower end of this guidance. Wall Street is looking for CAT to report earnings per share of $12.24 for the year.
CAT stock was down 3% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
