DEERFIELD, Ill. (AP) — Caterpillar Inc. on Wednesday reported first quarter net income of .88 billion.
The Deerfield, Illinois-based company said it had net income of .25 per share. Earnings, adjusted for non-recurring gains, came to .94 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of .84 per share.
The construction equipment company posted revenue of 3.47 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected 3.4 billion.
Caterpillar expects full-year earnings in the range of 1.75 to 2.75 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.