Caterpillar Profit Tops Estimate as Cuts Mute Slump; Shares Rise
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Caterpillar Inc. reported better-than-expected earnings as a drive to cut costs countered the impact of lower demand, and said the worst of the slump in mining-equipment sales may be passing. Share rose the most since February.
Second-quarter profit fell to 93 cents a share from $1.31 a year earlier, Peoria, Illinois-based Caterpillar said in a statement Tuesday. Excluding one-time items, the company earned $1.09 a share, beating the 96-cent average of 17 analysts’ estimates. Sales in the quarter declined to $10.3 billion from $12.3 billion a year earlier.