Caterpillar lifted its EPS outlook for full-year 2018 to $10.50 to $11.50 compared to the prior outlook of $9.75-10.75. Adjusted profit per share outlook raised to $11.00 to $12.00 versus the prior estimate of $10.25-11.25.
Sales in the Construction Industries segment rose to $6.1 billion, mainly due to higher sales volume for construction equipment. The segment saw sales increases across all geographies. Sales in Resource Industries rose to $2.5 billion, driven by higher demand for equipment across all regions.
Energy & Transportation segment sales grew to $5.7 billion from last year, primarily due to higher sales volume across all applications. The Financial Products segment posted revenues of $829 million, up 7% from last year helped by higher average financing rates in North America and higher average earning assets in Asia/Pacific and North America.
The company saw improvements in many end-markets along with healthy order rates and solid backlog during the quarter. For some applications, particularly oil and gas and mining, Caterpillar is seeing strong demand and taking orders for delivery well into 2019.
Sales increased in the oil and gas and power generation sectors helped by higher demand in the North America and EAME regions. Favorable economic conditions drove sales higher in the industrial sector.
In June 2018, the board of directors approved an increase to the quarterly dividend of 10% to $0.86 per share. Caterpillar repurchased $750 million of common stock during the second quarter.