Heavy Machinery Stocks Miss Market Expectations Amid Q2 Results

Heavy machinery stocks have reported their Q2 earnings results, and while revenues beat analysts' consensus estimates by 1.8%, share prices have taken a hit, averaging a 9.5% decline since the latest earnings reports.

Astec (NASDAQ:ASTE), for example, reported revenues of $408.1 million, up 23.6% year on year, but fell short of analysts' EBITDA and EPS estimates, with its stock down 22.3%. In contrast, Caterpillar (CAT) saw a strong Q2 with revenues of $20.54 billion, up 24%, outperforming expectations by 8.4%.

Caterpillar's business had an incredible quarter, beating analysts' EPS estimates, but its stock is down 3.1%. AGCO (AGCO), on the other hand, reported flat revenues of $2.61 billion and missed analysts' full-year revenue guidance by a significant margin, with its stock trading flat since the results.

Terex (TEX) reported strong Q2 revenues of $2.24 billion, up 50.5%, surpassing expectations by 4%. Cummins (CMI) also saw a solid quarter with revenues of $9.46 billion, up 9.4%, but fell short of analysts' EPS and EBITDA estimates.