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Caterpillar raises 2018 profit outlook after beating quarterly estimates

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Caterpillar raises 2018 profit outlook after beating quarterly estimates

Caterpillar raises 2018 profit outlook after beating quarterly estimates
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Mike Blake(Reuters)
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CHICAGO (Reuters) - Caterpillar Inc <CAT.N> on Monday posted higher quarterly profit that beat market expectations and upgraded the full-year profit outlook, citing robust global demand for its equipment.

The Deerfield, Illinois-based company reported an adjusted profit of $2.97 a share in the second quarter, compared with $1.49 a share, last year. Analysts on average had expected earnings of $2.73 a share.

Net profit for the quarter came in at $2.82 per share, compared with $1.35 last year.

The company now expects adjusted profit per share to be in a range of $11.00 to $12.00 in 2018, compared with $10.25 to $11.25 projected earlier.

(Reporting by Rajesh Kumar Singh; Editing by Nick Zieminski)

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