PEORIA, Ill.(TheStreet) -- Caterpillar (CAT) raised its full-year outlook on optimism driven by robust growth in the Asia-Pacific and Latin American economies, and continued improvement in global mining and energy markets.
Caterpillar is increasing its full-year outlook to $2.50 to $3.25 a share on revenue of $38 billion to $42 billion, compared with the consensus estimate of $2.69 on revenue of $37 billion.
On Monday, Caterpillar reported first-quarter profit of $233 million, or 36 cents a share, vs. a loss of $112 million, or 19 cents a share the year before; manufacturing costs were $566 million favorable compared with the year-ago period, while labor and overhead, warranty and material costs all improved.
Excluding a tax charge of $90 million related to the recently signed U.S. health care legislation, Caterpillar posted earnings of 50 cents a share, beating the consensus estimate of 39 cents a share. Revenue was at $8.238 billion, down from $9.225 billion and below the consensus estimate of $8.84 billion, with a 1% decrease in machinery sales, 28% decrease in engine sales and 4% decline in financial products revenue.Shares of Caterpillar closed the Monday trading session up 4.2% to $71.65.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV