Caterpillar (NYSE:CAT) earnings for the construction equipment company’s second quarter of 2020 have CAT stock down on Friday. That’s despite its diluted earnings per share of 84 cents blowing past Wall Street’s estimate of 64 cents. The company’s revenue of $10 billion also comes in above analysts’ estimates of $9.38 billion.
Let’s take a deeper dive into the Caterpillar earnings report below.
- Diluted per-share earnings are down 70% from $2.83 in the same period of the year prior.
- Revenue for the quarter is sitting 31% lower than the $14.4 billion reported in the second quarter of 2019.
- Operating profit of $784 million is a 65.4% decline year-over-year from $2.21 billion.
- The company also notes that its operating profit margin comes in at 7.8%.
- That’s down 7.5 points from its operating profit margin reported during the same time last year.
Jim Umpleby, chairman and CEO of Caterpillar, said this during the earnings report.
“I am proud of the global team’s continued focus on safety while executing our strategy and serving our customers. In the second quarter, our employees and dealers remained dedicated to providing the essential products and services the world needs under very challenging conditions.”
Caterpillar isn’t providing guidance at this time due to the novel coronavirus. The company notes that it expects the pandemic to have an impact on its business for the rest of the year.
CAT stock was down 3% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.