There’s another one.
Caterpillar just smashed earnings, reporting EPS of $1.85, which was $.55 ahead of estimates.
The company also raised its outlook, which is key: Revenue for the year is expected to be $25-$54 billion, up from current estimates of $50 billion.
The full year outlook takes into account a modest negative impact form Japan.
Yes, higher commodity prices did hurt, but the company was able to offset that by “continued improvements in variable labour efficiencies.” I.E.: Bad news for workers.