Caterpillar Q2 earnings beat estimates, revenue slightly misses

Caterpillar (NYSE:) reported second-quarter earnings on Tuesday, surpassing analyst profit expectations, while revenue fell slightly short of estimates. The heavy equipment manufacturer’s stock rose more than 4% following the announcement.

Caterpillar posted adjusted earnings per share of $5.99 for the second quarter, beating the analyst consensus of $5.54 by $0.45. Revenue came in at $16.7 billion, just below the estimated $16.76 billion and down 4% YoY from $17.3 billion in the same quarter last year. The company attributed the revenue decline primarily to lower sales volume, partially offset by favorable price realization.

The adjusted operating profit margin improved to 22.4% in Q2 2024, up from 21.3% in Q2 2023.

Chairman and CEO Jim Umpleby stated: “Our results continue to reflect the benefit of the diversity of our end markets as well as the disciplined execution of our strategy for long-term profitable growth.”

During the quarter, Caterpillar deployed $2.5 billion for share repurchases and dividends, including $1.8 billion for stock buybacks and $0.6 billion for dividend payments.