Caterpillar Inc. on Wednesday reported first quarter net income of $1.88 billion.
The Deerfield, Illinois-based company said it had net income of $3.25 per share. Earnings, adjusted for non-recurring gains, came to $2.94 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $2.84 per share.
FILE - In this April 9, 2019, wheels are attach as workers assemble a tractor at John Deere's Waterloo, Iowa assembly plant. John Deere reports earnings Wednesday, April 24. (Zach Boyden-HolmesTelegraph Herald via AP, File)
The construction equipment company posted revenue of $13.47 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $13.4 billion.
Caterpillar expects full-year earnings in the range of $11.75 to $12.75 per share.
Caterpillar shares have increased 12% since the beginning of the year, while the Standard & Poor's 500 index has risen 17%. The stock has dropped almost 8% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAT at https://www.zacks.com/ap/CAT