.August 6, 2024 12:44 PM

Caterpillar (NYSE:CAT) shares surged over 3% today following the release of its second-quarter earnings report. The company exceeded profit expectations with earnings per share of $5.99, beating the estimated $5.54. However, revenue fell slightly short at $16.7 billion, below the expected $16.76 billion. The 4% year-over-year decline was mainly due to lower sales volume, offset by favorable price realizations. Despite this, the adjusted operating profit margin for Q2 2024 improved to 22.4% from 21.3% in Q2 2023.

Chairman and CEO Jim Umpleby credited Caterpillar’s diversified end markets and strategic execution for the strong performance and long-term growth.