Caterpillar smashes Wall Street estimates, as North America Sales recover

Caterpillar smashed Wall Street’s profit and revenue estimates on strong demand for its construction equipment in North America and sales in China, pushing shares up 7% in early trading in a report by Business Day.

 

The company also raised its full-year forecasts for sales and earnings, expecting revenue in its construction business to grow around 20% and mining business to leap 30%. The construction industry in North America is changing after years of slow demand due to a steady housing recovery, an improving labour market and a higher spending by gas and oil companies.

 

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