Construction and mining equipment maker Caterpillar Inc (CAT) on Wednesday released first quarter profit results that beat Wall Street estimates, although its revenue total fell short of expectations.
The Peoria, IL-based company reported first quarter net income of $1.6 billion, or $2.37 per share, compared with $1.2 billion, or $1.84 per share, in the year-ago period.
Revenue rose 23% from last year to $16 billion.
On average, Wall Street analysts expected a much smaller profit of $2.13 per share, albeit on higher revenue of $16.2 billion.
Looking ahead, CAT said it now expects full-year earnings of $9.50 per share, up from a prior outlook of $9.25 per share.
Caterpillar shares fell $1.25, or -1.2%, in premarket trading Wednesday.
The Bottom Line
Shares of Caterpillar (CAT) have a 1.70% dividend yield, based on last night’s closing stock price of $108.40. The stock has technical support in the $100-$101 price area. If the shares can firm up, we see overhead resistance around the $110-$116 price levels.
Caterpillar Inc (CAT)s not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.