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published in Blogs
Aug 06, 2022
Caterpillar (CAT, $185.38) beats Q2 earnings expectations

Caterpillar (CAT, $185.38) beats Q2 earnings expectations

Caterpillar reported second quarter adjusted earnings of $3.18 per share, beating  the FactSet consensus of $3.01. The figure is also higher than the year-ago quarter’s $2.60 a share.

Total sales climbed +10.5% from the year-ago quarter to $14.25 billion, but was just below the FactSet consensus of $14.28 billion.

Sales from Construction Industries rose +6.7% year-over-year to $6.03 billion, but missed the FactSet consensus of $6.29 billion. According to Caterpillar, higher pricing boosted sales by $535 million, notwithstanding  volume’s  -$25 million decrease and currency headwind of  -$122 million.

Energy & Transportation sales rose +14.7% to $5.71 billion, beating expectations of $5.17 billion. Resource Industries sales surged +16.3% to $2.96 billion, exceeding expectations of $2.93 billion.

Sales climbed +18% in North America and +27% in Latin America. However, they  fell -3% in EAME (Europe, Africa, Middle East) mainly due to currency impacts. In Asia/Pacific, sales climbed  +3% as lower sales in China were offset by strong sales in the rest of the region.

Related Tickers: CAT