The industrial equipment maker boosted its growth forecast as AI data center demand drives record orders and revenue.
Caterpillar increased its annual revenue growth target after reporting stronger-than-expected second-quarter profits. The company cut its full-year tariff cost forecast to $2.2 billion from a prior range of $2.2 billion to $2.6 billion, contributing to the upbeat outlook.
Quarterly revenue surged 24% to a record $20.54 billion, with orders reaching $9.4 billion and backlog hitting $72.1 billion. Construction segment revenue jumped 35%, while power and energy grew 17%, driven by AI data center infrastructure demand.
Shares rose 10% in premarket trading, lifting Dow futures by 0.6%. The results signal sustained industrial demand linked to AI-driven infrastructure expansion.