Caterpillar (CAT) Tops Q2 EPS by 13c, Trims Outlook In-Line with Street
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EPS Growth %: +4.3%
Financial Fact:
Operating profit (loss): 481M
Today's EPS Names:
ESCA, LICT, NKSH, More
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Caterpillar (NYSE: CAT) reported Q2 EPS of $1.09, $0.13 better than the analyst estimate of $0.96. Revenue for the quarter came in at $10.34 billion versus the consensus estimate of $10.06 billion.
"I'm pleased with our financial performance and focus on our long-term strategy given the difficult economic and industry environment we're facing. Our goal when sales decrease is to lower costs so the decline in operating profit is no more than 25 to 30 percent of the decline in sales and revenues. For the quarter, our decremental operating profit pull through was better than our target range. Together with our dealers, we're having success managing through the downturn in industries like mining and oil and gas, and in sluggish economic conditions in much of the developing world. In what is likely to be our fourth down year for sales and revenues, we're proud of what we're accomplishing – our machine market position has increased, including in China, product quality continues to be at high levels, and the safety in our facilities is world class," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.
GUIDANCE:
Caterpillar sees FY2016 EPS of $3.55, versus prior guidance of $3.70 and the consensus of $3.52. Caterpillar sees FY2016 revenue of $40-40.5 billion, versus prior guidance of $40-42 billion and the consensus of $40.11 billion.
For earnings history and earnings-related data on Caterpillar (CAT) click here.
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