Excluding restructuring costs and a gain on the sale of an equity investment in IronPlanet, second-quarter 2017 adjusted profit per share was US$1.49, compared to second-quarter 2016 adjusted profit per share of US$1.09.
“Our team delivered an impressive quarter,” said said Caterpillar CEO Jim Umpleby. “As demand increased, we continued to control costs and generated higher profit margins. While a number of our end markets remain challenged, construction in China and gas compression in North America were highlights in the quarter. Mining and oil-related activities have come off of recent lows, and we are seeing improving demand for construction in most regions.”
As a result of increased demand across many end markets and disciplined cost control, Caterpillar is raising its 2017 outlook. Some risks remain in the outlook, including weakness in the Middle East and Latin America, as well as geopolitical and commodity risk.
In April 2017, Caterpillar provided an outlook range for full-year 2017 sales and revenues of US$38bn to US$41bn with a midpoint of US$39.5bn. The company is raising its full-year 2017 expectations for sales and revenues to a range of US$42bn to US$44bn with a midpoint of US$43bn.
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