“Global machinery giant Caterpillar earned $1.61 per share on an adjusted basis, which was much stronger than the $1.23 expected by analysts.
Management also raised earnings guidance. It now expects to earn $6.10 per share for the year, up from previous guidance of $5.85.
The stock is up 3.5% in pre-market trading.
“Given the business and economic uncertainties around the world and continuing decline in our mining sales, I am pleased with our performance in the first quarter,” said CEO Doug Oberhelman. “We understand we don’t control the economy and have instead focused on what we can improve. We’re lowering costs, improving cash flow and driving value for our customers through the continued deployment of our lean manufacturing initiatives. We see the benefits of these actions in our first-quarter results and in improving market position for many of our products.”
Caterpillar sells mining and construction equipment around the world, making it one of the better bellwethers of the global economy.
Here are some comments Oberhelman made about the global landscape in the context of the company’s guidance….”Twitter