Caterpillar Soars to Record as Profit Beat Allays Slowdown Fears
- Sales of yellow machines rose in all major business segments
- CEO expects full-year results to be better than firm expected
Caterpillar is one of the world’s biggest producers of heavy machinery.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Caterpillar Inc. shares soared to a record after the company defied concerns of a global economic slowdown by reporting a bigger-than-expected profit and resilient demand for its iconic yellow machinery.
Its stock rose as much as 8% Tuesday after the heavy-machinery maker posted earnings and revenue that both exceeded the highest analyst estimates in a Bloomberg survey. Caterpillar forecast a dip in profit in the current quarter compared with the preceding period, but it also projected second half revenue will rise from a year earlier.