Caterpillar (NYSE:CAT) shares gained more than 3% intra-day today after the company announced its second-quarter earnings, exceeding analyst profit expectations but slightly missing revenue forecasts.
For the second quarter, Caterpillar reported earnings per share of $5.99, outperforming the Street estimate of $5.54. The company's revenue reached $16.7 billion, just below the expected $16.76 billion and reflecting a 4% year-over-year decline from $17.3 billion in the same period last year. The dip in revenue was primarily due to a reduction in sales volume, though it was partially mitigated by favorable price realizations. The adjusted operating profit margin for Q2 2024 improved to 22.4%, up from 21.3% in Q2 2023.
Chairman and CEO Jim Umpleby highlighted the company's diversified end markets and strategic execution, which contributed to the robust performance and long-term profitable growth.