Caterpillar Inc. (NYSE: CAT) announced its financial results for the first quarter of 2018 on Tuesday. Shares of the company jumped 4% in premarket trading today.
According to the company, revenue for the first quarter was $12.9 billion, beating analysts’ estimates of $12.1 billion. Earnings per share for the quarter was $2.82 per share, also surpassing analysts’ estimates of $2.13 per share. The increase was due to continued strength in many end markets and its focus on cost control.
“I'd like to thank our global Caterpillar team for outstanding results. The combination of strength in many of our end markets and our team’s continued focus on operational excellence - including strong cost control - helped us deliver improved margins and a record first-quarter profit,” Jim Umpleby, the CEO of Caterpillar, said in the statement on Tuesday.
“Based on our strong first-quarter results and higher demand across all regions and most end markets, we are raising our outlook for 2018. We will continue to make targeted investments in expanded offerings and services, consistent with our strategy for long-term profitable growth,” Umpleby said in the statement.
According to the company, profits for full year 2018 was expected to be in the range of $10.25 to $11.25 per share, which beat analysts’ estimates of $8.39 to $10.60 per share.