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Caterpillar: Q2 Earnings Snapshot
By AP News - Aug 01, 2023, 06:39 AM ET
Last Updated - Aug 01, 2023, 06:39 AM EDT
IRVING, Texas (AP) — IRVING, Texas (AP) — Caterpillar Inc. (CAT) on Tuesday reported second-quarter net income of $2.92 billion.
The Irving, Texas-based company said it had net income of $5.67 per share. Earnings, adjusted for non-recurring gains, were $5.55 per share.
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The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $4.51 per share.
The construction equipment company posted revenue of $17.32 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $16.5 billion.
Caterpillar shares have risen 11% since the beginning of the year, while the S&P's 500 index has risen 20%. The stock has increased 34% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a CAT">Zacks stock report on CAT at https://www.zacks.com/ap/CAT
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