Shares of Caterpillar Inc.(NYSE:CAT) popped up over 4.50% in pre-market session as the world's largest manufacturer of bulldozers, excavators and other construction machinery, posted strong set of second-quarter earnings that topped analysts’ forecast and the company lifted its full-year earnings guidance. The company said that net income grew 67% year over year to $1.7 billion, or $2.54 a share, up from a year ago profit of $1.02 billion, or $1.52 a share. Moreover, revenue surged 22% year over year to $17.37 billion. Analysts were forecasting the company to report $2.28 a share on revenue of $17.11 billion.
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Going forward, the company projects to earn $9.60 a share, up from its previous forecast of $9.50 a share and cut the high-end of its revenue guidance by $2 billion, now expecting $68 billion to $70 billion.
Riverbed Technology, Inc.(NASDAQ:RVBD) provided solid earnings forecast as the company expects solid demand for its wide area network (WAN) equipment business, over shadowing the ongoing concern about weakling demand due an ongoing crisis in the European region.
Riverbed Technology projects to earn 25 cents to 26 cents per share on revenue range of $214 million to $219 million in the third quarter, ahead of analysts’ target of 24 cents per share, on revenue of $209.7 million.
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For the second quarter, the company posted profit of $18 million, or 11 cents per share, up from a year ago profit of $11.3 million, or 7 cents a share. On an adjusted basis, the company earned 23 cents per share and revenue rose 23% year over year to %$ $199 million, again topping analysts’ forecast of 21 cents per share on revenue of $194.4 million.
Noticebly, the company witnessed growth across all major geographies and revenue growth accelerated across core product offerings.
As a result, shares of RVBD soared 27.22% to $18.51 in pre-market session, its two month-high. As of yesterday’s closing, the stock was down 38% year to date.