Caterpillar Overtakes Boeing as the Dow's Best PerformerBy
Caterpillar Inc. surged the most in six months after beating sales and earnings estimates and raising its own forecasts amid surging Chinese construction and recovering resource industries.
The machinery-making giant jumped as much as 6.7 percent on Tuesday, extending a gain in the past three months to 28 percent. That’s the best performance on the Dow Jones Industrial Average, relegating Boeing Co. to second place.
Chief Executive Officer Jim Umpleby, who took over in January, has Caterpillar on track for its first annual sales gain since 2012 amid a broad-based recovery across industries and regions. The Deerfield, Illinois-based company projected 2017 sales of $44 billion, marking a third-straight increase in annual revenue projections. It also raised its earnings forecast.
Boeing, still the index’s best performer year to date, is scheduled to report earnings on Wednesday.