Shares in Caterpillar (NYSE:CAT) moved higher in pre-market trade on Monday after reporting better-than-expected profit for the second quarter and raising its full year outlook.
The Dow component reported adjusted earnings per share of $2.97 in the April to June period. Analysts had forecast $2.73 per share. The company also reported revenues of $14.0 billion. Economists had estimated revenues of $13.99 billion.
“Caterpillar delivered record second-quarter profit per share,” the company’s chief executive Jim Umpleby said in the press release.
“Our team is doing a great job executing our strategy for profitable growth, focusing on operational excellence, expanded offerings and services,” he added.
The company also raised its full-yer profit per share outlook range. It now expects profit per share to be in a range of $10.50 to $11.50, compared to the prior forecast of $9.75 to $10.75.
It’s forecast for adjusted profit per share was also increased to $11.00-$12.00, compared to the previous outlook of $10.25-$11.25.
Umpleby explained that the improved outlook was due to the company’s “outstanding results in the first half of the year and continued strength in many of our end markets.”
At 7:45 AM ET (11:45 GMT), shares in Caterpillar (NYSE:CAT) jumped 3.76% to $147.92, compared to the previous closing price of $142.56.