Construction and mining equipment maker Caterpillar Inc. (CAT) on Wednesday posted better-than-expected second quarter earnings results and lifted its full-year outlook, sending its shares higher in premarket trading.
The Peoria, IL-based company reported second quarter net income of $1.7 billion, or $2.54 per share, compared with $1.02 billion, or $1.52 per share, in the year-ago period.
Revenue grew 22% from last year to $17.37 billion.
On average, Wall Street analysts expected a much smaller profit of $2.28 per share, on lower revenue of $17.11 billion.
Looking ahead, CAT said it now expects full-year earnings of $9.60 per share, up from a prior outlook of $9.50.
Caterpillar shares rose $3.22, or +4%, in premarket trading Wednesday.
The Bottom Line
Shares of Caterpillar (CAT) have a 2.55% dividend yield, based on last night’s closing stock price of $81.43. The stock has technical support in the $75 price area. If the shares can firm up, we see overhead resistance around the $87-$90 price levels.
Caterpillar Inc. (CAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here