Caterpillar Inc
- Caterpillar Inc. declined 6.4% to $226.71 after the industrial equipment maker reported better-than-expected third-quarter results.
Sales and revenues in the third quarter increased 12% to $16.8 billion from $15 billion, largely driven by price increases and volume growth.
Net income increased to $2.8 billion from $2.0 billion, and diluted earnings per share advanced to $5.45 from $3.87 a year ago.
Sales in the construction industry increased 12% to $7.0 billion, the resource industry advanced 9% to $3.3 billion, the energy and transportation industry jumped 11% to $6.9 billion, and financial services revenue soared 20% to $979 million.
Revenue in the third quarter rose to $16.8 billion, and adjusted earnings were $5.52 per share.
However, the company forecasted sales in the current quarter would be "slightly higher" than the same year ago, and the adjusted operating profit margin in the fourth quarter will be lower than in the third quarter.
The company estimated restructuring expenses of about $700 million for the full year and capital expenditures of about $1.5 billion in the period.
Oct 31, 2023
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