Caterpillar Stock Soars on Record Revenue Growth

Caterpillar (CAT) stock surged after the company reported its best day in years following a strong Q2 earnings report that crushed expectations.

The industrial equipment manufacturer's revenue grew 35% to $8.3 billion, with North America up 50%, driven by nonresidential investment in infrastructure, heavy construction, and data centers.

Caterpillar CEO Joe Creed pointed to the key drivers of growth as 'non-residential investment in infrastructure, heavy construction, and data centers.'

The company's record backlog now sits at $72 billion, up $9 billion from the prior quarter alone. The Power & Energy segment grew 17% to $8.2 billion, with power generation sales up 72% thanks to demand for gensets and turbines used in data centers.