Caterpillar had a strong second quarter and topped most profit expectations with higher prices for machinery offsetting rising costs.
A Caterpillar machine works on the demolition of a building in downtown Pittsburgh Thursday, April 28, 2022. Caterpillar Inc. on Tuesday, Aug. 2 reported second-quarter earnings of $1.67 billion. On a per-share basis, the Deerfield, Illinois-based company said it had net income of $3.13. Earnings, adjusted for restructuring costs, came to $3.18 per share.
Operating profit margin for the quarter was 13.6%, down slightly from last year’s 13.9%, and that took some steam out of shares before the opening bell.“Volumes were well short of our expectations, as and its supply base continues to deal with inefficiencies,” wrote Citi analyst Timothy Thein. Shares of Caterpillar Inc., down nearly 6% this year, slipped about 3% before the opening bell Tuesday.it plans to move its headquarters to an existing office in Irving, Texas, outside Dallas.
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