Caterpillar Shares Soar on Record Order Backlog

Caterpillar (NYSE:CAT) shares surged by over 11% in premarket trading on Tuesday, after the company reported impressive second-quarter earnings.

The heavy machinery manufacturer beat analyst expectations with adjusted EPS of $8.17 per share and revenue of $20.5 billion, compared to estimates of $5.71 per share and $18.358 billion respectively.

Chairman and CEO Joe Creed highlighted the milestone of generating over $20 billion in sales and revenues in a single quarter, stating 'This is the first time in company history that we have generated over $20 billion in sales and revenues in a single quarter.'

Caterpillar's order backlog reached a record $72.1 billion in the second quarter, driven by strong demand for power generation and construction equipment.