DEERFIELD, Ill. (AP) — Caterpillar had a strong second quarter and beat most profit expectations as higher machine prices offset rising costs.
The manufacturer on Tuesday posted quarterly profit of $1.67 billion, or $3.13. Earnings per share were $3.18 without one-time costs or benefits, 18 cents better than Wall Street had expected, according to a survey of industry analysts by Zacks Investment Research.
The Deerfield, Ill., company posted $14.25 billion in revenue, roughly matching the $14.3 billion forecast by analysts.
The operating profit margin for the quarter was 13.6%, down slightly from 13.9% last year, and that dampened stocks a little before the opening bell.
“Volumes were well below our expectations as (Caterpillar) and its supply base continue to face inefficiencies,” Citi analyst Timothy Thein wrote.
Shares of Caterpillar Inc., down nearly 6% this year, slipped about 3% before the opening bell on Tuesday.
Part of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAT at https://www.zacks.com/ap/CAT
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