Caterpillar Set to Report Q2 Earnings Amid Market Expectations

Caterpillar (CAT) is set to report its Q2 earnings on Tuesday morning. The construction equipment company delivered a strong quarter last time around, beating analysts' revenue expectations with revenues of $17.42 billion, up 22.2% year-on-year.

This quarter, the market anticipates Caterpillar's revenue growth to be 14.4% year-over-year, a significant improvement from its flat revenue in the same period last year. Analysts covering the company have reconfirmed their estimates over the past 30 days, indicating they expect the business to maintain its momentum.

Caterpillar has a history of missing Wall Street's revenue estimates, but looking at its peers in the heavy machinery segment provides some insight into what might be expected. Terex reported year-on-year revenue growth of 50.5%, beating analysts' expectations by 4%, while Wabash saw a decline of 9.1% but still topped estimates by 3.6%. Caterpillar's share price is down 16.2% over the last month, with an average analyst price target of $958.83 compared to its current price of $814.21.