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Shares of the company, which beat profit estimates for the second quarter, shed some early gains and were flat in premarket trading.
Cost controls and price increases have protected profits amid persistent supply-chain disruptions and inflationary pressures, but analysts have flagged that a slowing economy is starting to depress order activity from commercial businesses, which account for 75% of the company’s customer base.
Caterpillar (NYSE:CAT) said it expects its third-quarter sales and operating profit margin to be higher than the previous year, but lower compared to the second quarter.
Adjusted profit in the second-quarter was $5.55 per share, beating analysts’ average expectation of $4.58 per share.
Sales for the quarter through June rose 21.6% to $17.32 billion, above the Wall Street consensus of $16.49 billion.
