Caterpillar earnings are out, and the numbers are strong.EPS jumped 67% year-over-year to $2.54, beating analysts’ estimate of $2.28.
Revenue jumped 22% to $17.4 billion, beating the $16.9 billion estimate.
Shares are up over 4% in pre-market trading.
“Caterpillar’s success in 2012 is occurring despite U.S. construction activity that remains depressed and well below the prior peak, the problems facing Eurozone economies and economic concerns in China,” said CEO Doug Oberhelman.
“While we’re expecting a record year in 2012, we understand the world is facing economic challenges, and if it becomes necessary, we are prepared to act quickly as we did in late 2008 and 2009. While we’re prepared, the good news is, this doesn’t feel like 2008. Interest rates are low, central banks are prepared to inject more liquidity if needed, and housing is coming off lows, not a peak, and seems to be improving.”
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