Shares of Caterpillar Inc. (NYS:CAT) edged up 0.2% in premarket trading, as the construction and mining equipment company reported a second-quarter net profit that tripled and revenue that topped forecasts, even as the largest construction business came up short. Net income rose to $1.41 billion, or $2.56 a share, from $458 million, or 84 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.60 from $1.27, beating the FactSet consensus of $2.41. Total revenue grew 28.9% to $12.89 billion, above the FactSet consensus of $12.51 billion. Among the company's business segments, Construction Industries revenue rose 40% to $5.66 billion, but missed the FactSet consensus of $5.77 billion; Energy & Transportation revenue increased 20% to $4.98 billion, topping expectations of $4.42 billion; and Resource Industries revenue grew 41% to $2.58 billion, above expectations of $2.27 billion. "We're encouraged by higher sales and revenues across all regions and in our three primary segments, which reflect continued improvement in our end markets," said Chief Executive Jim Umpleby. The company did not provide full-year guidance in the earnings release. Caterpillar's stock has declined 6.8% over the past three months through Thursday, while the Dow Jones Industrial Average (DOW:DJIA) has gained 3.6%.
July 30, 2021, 6:47 a.m. EDT