August 2, 2020- Caterpillar Inc. reported second-quarter earnings of $458 million.
On a per-share basis, the Illinois-based company said it had net income of 84 cents. Earnings, adjusted for non-recurring costs, came to $1.03 per share. The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 66 cents per share. The construction equipment company posted revenue of $10 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $9.2 billion.
Caterpillar shares have fallen slightly more than 7% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has climbed almost 3% in the last 12 months.