Shares in the world's largest mining and construction equipment maker Caterpillar (NYSE:CAT) were up almost 4% in pre-market trading on Thursday after the company posted results that beat investors’ expectations.
The Deerfield, Illinois-based firm, which is considered a reliable bellwether of economic activity, reported positive overall results and delivered bullish projections for 2018, particularly in relation to its construction and mining-equipment divisions.
Revenues for 2017 reached $2.69 billion, an increase of $94 million, or 4%, compared with 2016. Profit was $586 million, a $202 million, or 53%, increase from 2016.
Caterpillar said it expected an adjusted profit of $8.25-$9.25 per share for 2018, compared with analysts' average estimate of $8.19 to $8.63.
While the company kicked off 2017 with a cautious message, booming sales triggered by improved Chinese demand and a recovering economy in the U.S. — Caterpillar’s home country —, forced it to lift 2017 revenue projections three times last year.
The company’s shares have risen more than 7% since the beginning of the year, while the Standard & Poor's 500 index has increased 6%. In the last year, the stock has climbed 75% and it was up 3.87% in pre-market Thursday to $174.85 at 8:35AM ET.
More to come…
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