Stronger demand boosts Caterpillar, 2017 outlook raised | iNFOnews | Thompson-Okanagan's News Source

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Stronger demand boosts Caterpillar, 2017 outlook raised

In this July 24, 2017, photo, a Caterpillar excavator is on a housing construction site in North Andover, Mass. Caterpillar Inc. reports financial results Tuesday, July 25, 2017. (AP Photo/Elise Amendola)
July 25, 2017 - 5:12 AM

PEORIA, Ill. - Caterpillar recorded a very strong second quarter with demand beginning to the rise after the company cut costs vigorously.

The heavy equipment maker boosted its full-year forecast as ordering activity picked up, sending shares 4 per cent higher before Tuesday's opening bell.

Caterpillar Inc. earned $802 million, or $1.35 per share. A year ago the Peoria, Illinois, company earned $550 million, or 93 cents per share.

Stripping out restructuring costs and a gain on the sale of an equity investment , earnings were $1.49 per share, handily surpassing Wall Street expectations of $1.26, according to a poll by FactSet.

Revenue climbed to $11.33 billion from $10.34 billion, partly helped by higher demand for construction equipment. Wall Street expected revenue of only $10.95 billion.

News from © The Associated Press, 2017
The Associated Press

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