Caterpillar Inc. (IW 500/24), the iconic American machinery maker, is finally emerging from a four-year slump, thanks in part to China.
The company said it’s raising expectations for 2017 sales, based on an improving outlook in China and mending demand in energy and transportation. Caterpillar Tuesday increased revenue forecasts to a range of $38 billion to $41 billion. First-quarter earnings and sales also topped expectations.
An improving outlook adds to signs that Caterpillar’s long-awaited turnaround may be at hand after it cut costs to ride out a slump in demand from miners and energy explorers.
