Caterpillar (CAT) Q2 Earnings Preview: What You Should Know Beyond the Headline Estimates

In its upcoming report, Caterpillar (CAT) is predicted by Wall Street analysts to post quarterly earnings of $4.88 per share, reflecting a decline of 18.5% compared to the same period last year. Revenues are forecasted to be $16.35 billion, representing a year-over-year decrease of 2%.The consensus EPS estimate for the quarter has been revised 0.5% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.That said, let's delve into the average estimates of some Caterpillar metrics that Wall Street analysts commonly model and monitor.Analysts' assessment points toward 'Total sales and revenues- Machinery, Energy & Transportation- Total' reaching $15.50 billion. The estimate points to a change of -2.2% from the year-ago quarter.Analysts forecast 'Total sales and revenues- Financial Products- Total' to reach $863.03 million. The estimate points to a change of +1.7% from the year-ago quarter.According to the collective judgment of analysts, 'Total sales and revenues- Machinery, Energy & Transportation- All Other' should come in at $112.72 million. The estimate points to a change of +4.4% from the year-ago quarter.The consensus among analysts is that 'Total sales and revenues- Machinery, Energy & Transportation- Construction Industries' will reach $6.21 billion. The estimate suggests a change of -7% year over year.The combined assessment of analysts suggests that 'Sales and Revenues- Asia/Pacific- Machinery, Energy & Transportation' will likely reach $2.74 billion. The estimate suggests a change of -3.8% year over year.Analysts expect 'Sales and Revenues- Asia/Pacific- Machinery, Energy & Transportation- All Other Segments' to come in at $11.97 million. The estimate suggests a change of -0.3% year over year.It is projected by analysts that the 'Sales and Revenues- Latin America- Machinery, Energy & Transportation' will reach $1.61 billion. The estimate points to a change of -1.6% from the year-ago quarter.The consensus estimate for 'Sales and Revenues- North America- Machinery, Energy & Transportation' stands at $8.34 billion. The estimate points to a change of -1.4% from the year-ago quarter.Based on the collective assessment of analysts, 'Price Realization - Total' should arrive at -$362.75 million. The estimate compares to the year-ago value of $578.00 million.The average prediction of analysts places 'Price Realization - Machinery, Energy & Transportation - Construction Industries' at -$358.18 million. Compared to the present estimate, the company reported $178.00 million in the same quarter last year.Analysts predict that the 'Price Realization - Machinery, Energy & Transportation - Resource Industries' will reach -$75.18 million. Compared to the current estimate, the company reported $133.00 million in the same quarter of the previous year.The collective assessment of analysts points to an estimated 'Price Realization - Machinery, Energy & Transportation - Energy & Transportation' of $70.72 million. Compared to the present estimate, the company reported $264.00 million in the same quarter last year. View all Key Company Metrics for Caterpillar here>>> Over the past month, shares of Caterpillar have returned +9% versus the Zacks S&P 500 composite's +2.7% change. Currently, CAT carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. 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