Caterpillar Inc. reported its first quarter earnings that surpassed analysts’ expectations, on the back of solid construction sales.
The construction equipment company’s adjusted earnings for the three months ending in March increased +48% from the year-ago quarter to $2.87 per share, well ahead of the Street consensus forecast of $1.94 per share.
Revenues climbed +12% year-over-year to $11.9 billion, which also exceeded analysts' estimates of $11.1 billion.
Construction sales rose +27% year-over-year to $5.46 billion in the quarter. Resource, energy and transportation sales increased +6.5% to $2.216 billion.
There was a -1% decrease in rolling three-month sales in North America. Nevertheless, Latin American sales for the rolling three-month period rose +54%, while world machines sales were up +13%.