Caterpillar raises 2018 profit outlook after beating quarterly estimates

CHICAGO (Reuters) - Caterpillar Inc on Monday posted higher quarterly profit that beat market expectations and upgraded the full-year profit outlook, citing robust global demand for its equipment.

The Deerfield, Illinois-based company reported an adjusted profit of $2.97 a share in the second quarter, compared with $1.49 a share, last year. Analysts on average had expected earnings of $2.73 a share.

Net profit for the quarter came in at $2.82 per share, compared with $1.35 last year.

The company now expects adjusted profit per share to be in a range of $11.00 to $12.00 in 2018, compared with $10.25 to $11.25 projected earlier.

 

(Reporting by Rajesh Kumar Singh; Editing by Nick Zieminski)