Tomahawk, WI 7/25/12 (StreetBeat) – Caterpillar (NYSE: CAT) reported record results for its second quarter and beat estimates by a large margin this morning sending the stock up more than 4% in pre-market trading.
Caterpillar cited strong global sales of its construction and mining equipment as the main reason for its record quarter, so the company also raised its guidance for the year.
Net Income was $1.7 billion, or $2.54 per share, in the second quarter, which is up from $1.02 billion, or $1.52 per share, a year ago.
Revenue increased 22 percent to $17.37 billion from last year’s $14.23 billion.
Estimates were for EPS of $2.28 on revenue of $16.98 billion.
As for the company’s outlook, Caterpillar now projects EPS of $9.60, which is up from its projection of $9.50 back in April, but Caterpillar lowered its revenue projection for the year.