DOSSIER – In this archive photo from July 24, 2017, a Caterpillar excavator is on a housing construction site in North Andover, Massachusetts (United States). Caterpillar Inc. announces its results on Tuesday, October 23, 2018.
DOSSIER – In this archive photo from July 24, 2017, a Caterpillar excavator is on a housing construction site in North Andover, Massachusetts (United States). Caterpillar Inc. announces its results on Tuesday, October 23, 2018.
Photo: Elise Amendola, AP
DOSSIER – In this archive photo from July 24, 2017, a Caterpillar excavator relies on a housing construction site in North Andover, Massachusetts. Caterpillar Inc. announces its results on Tuesday, October 23, 2018.
DOSSIER – In this archive photo from July 24, 2017, a Caterpillar excavator relies on a housing construction site in North Andover, Massachusetts. Caterpillar Inc. announces its results on Tuesday, October 23, 2018.
DOSSIER – In this archive photo from July 24, 2017, a Caterpillar excavator is on a housing construction site in North Andover, Massachusetts (United States). Caterpillar Inc. announces its results on Tuesday, October 23, 2018.
DOSSIER – In this archive photo from July 24, 2017, a Caterpillar excavator is on a housing construction site in North Andover, Massachusetts (United States). Caterpillar Inc. announces its results on Tuesday, October 23, 2018.
Photo: Elise Amendola, AP
Caterpillar has a big 3Q, but Wall Street feels pessimism
DEERFIELD, Ill. (AP) – In the third quarter, Caterpillar beat most expectations in terms of earnings and revenues, but the company's shares were sanctioned on Tuesday, when Wall Street perceived a pessimism in the company's outlook, which remains unchanged.
Stocks fell 9% at the start of the session, their losses being compounded by a sell-off on the stock markets.
Caterpillar Inc. still expects adjusted earnings per share of $ 11 to $ 12 per year. This is in the $ 11.64 per share range expected by analysts surveyed by FactSet, but the construction equipment company had raised expectations twice this year and investors seemed to be expecting more.
For the quarter ended September 30, Caterpillar earned $ 1.73 billion, or $ 2.88 per share. A year earlier, the company based in Deerfield, Illinois, had made a profit of $ 1.06 billion, or $ 1.77 per share.
Excluding restructuring and tax benefits, earnings were $ 2.86 per share. Analysts expected $ 2.84 per share.
Revenues rose to $ 13.51 billion from $ 11.41 billion. Sales increased in the construction, resource, financial products, energy and transportation sectors. Wall Street is expecting a turnover of $ 13.26 billion.