Caterpillar Inc. announced strong Q2 revenues of $11.3 billion which is almost a 10 percent growth over Q2 2016. According to the press release, the revenue growth was attributed to global demand in its products, especially, construction in China and gas compression in North America. Weakness in the Middle East and Latin American markets is expected to continue.
With mining and oil related activities increasing along with direct quotation and ordering activity, the outlook for 2017 sales is increasing. The company has increased its full-year 2017 expectations for revenues to a midpoint of $43 billion, which is over $3 billion or approximately 9 percent from the $39.5 billion midpoint outlook announced in April 2017.
Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial turbines and diesel-electric locomotives.