DEERFIELD, Ill. (HOI) — Caterpillar’s Chairman and CEO says expectations for performance in 2019 remains unchanged, despite posting a record first-quarter profit per share.
In a statement, Caterpillar says profit per share came in at $3.25 in the first quarter, up from $2.74 a year ago….an 19 percent increase. That beat expectations from analysts.
Adjusted profit per share came in at $2.94, up from $2.82 a year ago.
Sales and Revenue for Caterpillar in the first quarter came in at $13.5 billion, up five percent from a year ago at $12.9 billion.
CAT officials say they have raised their profit per share outlook to $13.06, due to a 31 cent discrete tax benefit, which they say is related to U.S. tax reform as a result of final regulations recently issued by the U.S. Treasury.
Caterpillar has also repurchased $751 million in company stock and paid dividend of $494 million.
“The global Caterpillar team delivered record first-quarter profit per share,” said Caterpillar Chairman and CEO
Jim Umpleby. “We are executing our strategy for profitable growth by investing in services, expanding our
offerings and improving operational excellence.”