Construction equipment giant Caterpillar has reported second quarter sales of US$11.3 billion in 2017, compared with US$10.3 billion in the same period last year.
The company cited strong construction demand in China and gas compression in North America as primary drivers for its unexpectedly strong performance.
CEO Jim Umpleby said mining and oil-related activities had also seen improvement, adding there was “improving demand for construction in most regions”.
Caterpillar has now raised its sales and revenues expectations for the full year to between US$42 billion and US$44 billion, based on the anticipated benefits of its cost control program and increased demand across many end markets.
The firm’s profit per share for the second quarter was $1.35, compared with $0.93 per share in the second quarter of 2016.