Caterpillar CAT reported second-quarter earnings of $2.83 per share, which missed the analyst consensus estimate of $3.12 by 9.29%. This is a 4.71% decrease over earnings of $2.97 per share from the same period last year.
The company reported quarterly sales of $14.432 billion, which missed the analyst consensus estimate of $14.44 billion by 0.06%. This is a 3.00% increase over sales of $14.011 billion the same period last year.
"Sales and revenues increased this quarter, including a record performance from Construction Industries, which reflected our strong competitive position globally," said Chairman and CEO Jim Umpleby. "Our strong operating cash flow in the quarter allowed us to repurchase shares and pay dividends of about $1.9 billion. This is in line with our intention to return substantially all free cash flow to shareholders."
Caterpillar shares were trading down 2.82% at $134 in Wednesday’s pre-market session. The stock has a 52-week high of $159.37 and a 52-week low of $112.06.
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