Earnings Update: Caterpillar (NYSE: CAT)
Caterpillar reported Q1 earnings per share of $1.86 excluding items (including a $0.14 gain from the sale of logistics business), which was above the FactSet estimate for $1.35.
Revenues for the quarter were reported at $12.70 billion, which was above the estimate of $12.36 billion.
The company guided full year EPS to $5.00 excluding costs, which represents an increase from the prior guidance of $4.75 and the FactSet estimate of $4.78.
“We continue to face headwinds and uncertainty in 2015, and our outlook for the year reflects that. We expect sales and profit in each of the remaining three quarters of 2015 to be lower than Q1. We expect sales for oil applications to decline starting in Q2, and from a profit perspective, Q1 included the gain on the sale of our remaining interest in the logistics business and that won’t repeat. Q1 is usually the most seasonally favorable of the year for costs, and we don’t expect the rest of the year to be as favorable. In addition, we expect some increase in research and development expense as we go through the year.”
Shares of CAT last traded at $88.84, which is well above the last closing price of $84.87.
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