Caterpillar shares were 5% higher in Tuesday’s pre-market session after the heavy equipment manufacturer reported financial results for Q2 that topped analysts’ estimates and raised its full year guidance. Q2 adjusted net profit was $1.49 per share, up from $1.09 per share in the prior year period and came in higher than the $1.26 per share Street estimate provided by Capital IQ.
Revenues were $11.33 billion, up from $10.34 billion reported for the same period last year and higher than the $10.96 billion Street estimate. For 2017, the company now expects adjusted earnings of $5 per share on revenues of $42 billion to $44 billion, as compared to previously issued guidance of $3.75 EPS on revenues of $38 billion to $41 billion. The Street consensus calls for EPS of $4.32 on revenues of $40.74 billion.