Caterpillar beats by $0.23, beats on revs; guides FY17 EPS above consensus, raises revenue guidance above consensus :
- Reports Q2 (Jun) earnings of $1.49 per share, excluding non-recurring items, $0.23 better than the Capital IQ Consensus of $1.26; revenues rose 9.6% year/year to $11.33 bln vs the $10.96 bln Capital IQ Consensus.
- 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
- Co issues upside guidance for FY17, sees EPS of $5.00 vs. $4.32 Capital IQ Consensus Estimate
- Meanwhile, the co raised its FY17 sales guidance to $42-44 bln vs. $40.74 bln Capital IQ Consensus Estimate, up from $38-41 bln, which was given in April 2017
Back to the quarter...
- The 10% in increase in YoY sales was primarily due to higher sales volume, with the largest increase in Construction Industries mostly due to higher end-user demand for construction equipment
- Sales volume for Resource Industries increased due to improved end-user demand for aftermarket parts and the favorable impact of changes in dealer inventories. Energy & Transportation's sales were higher mostly due to increased demand for aftermarket parts for reciprocating engines. Favorable price realization in Construction Industries also contributed to the sales improvement. The unfavorable impact of currency was mostly the result of a weaker euro and British pound. Financial Products' segment revenues were about fla
- Sales increased in Asia/Pacific, North America and Latin America, and were about flat in EAME
- Caterpillar's financial position continued to strengthen. Machinery, Energy & Transportation operating cash flow was $2.0 billion during the quarter, and ME&T's debt-to-capital ratio improved to 38.6 percent, compared with 41.7% at the end of the first quarter of 2017
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