Caterpillar (CAT), the maker of construction and mining equipment, has reported mixed financial results for this year’s second quarter.
The Irving, Texas-based company announced Q2 earnings per share (EPS) of $5.99 U.S., which beat Wall Street forecasts that called for $5.54 U.S.
However, revenue of $16.70 billion U.S. fell short of consensus expectations of $16.80 billion U.S. among analysts who follow the company.
Sales volumes were down in every business segment. However, the company noted that its pricing was higher during this year’s second quarter.
Caterpillar also said in its earnings release that demand remains strong for its larger excavators and other construction equipment due to increased infrastructure spending across the U.S.
America’s $1 trillion U.S. infrastructure legislation that aims to upgrade and improve roads, bridges and other infrastructure, has helped give Caterpillar’s finances a lift.
Higher prices charged on construction equipment have also helped the company's profits, said management.
The stock of Caterpillar is up 7% on news of the company’s latest financial results. Over the past 12 months, the stock has gained 13% to trade at $316.80 U.S. per share.
