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Caterpillar Newsroom
Earnings Update: Caterpillar Inc. (NYSE:CAT) Just Reported Its Third-Quarter Results And Analysts Are Updating Their Forecasts
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Caterpillar Analyst Ratings
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The economic data in the USA is mixed, with the market adjusting down significantly to expectations of a large interest rate cut by the European Central Bank and rate cuts by the United Kingdom in December. US stocks fell across the board, with the chip index dropping by over 3%, nvidia falling by over 3% at one point, Chinese concept stocks dropping by over 2% before halving the decline, and li auto inc turning upwards by nearly 2%.
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Caterpillar (CAT.US) revenue in the third quarter fell short of expectations, lowering full-year sales expectations.
Heavy machinery manufacturer Caterpillar (CAT.US) announced a 4% year-on-year decline in third-quarter sales to $16.1 billion due to slowing demand, with net profit falling nearly 12% to $2.464 billion and adjusted earnings per share of $5.17, all below market expectations. Caterpillar stated that it currently expects full-year revenue to be slightly lower than previous forecasts. However, the company is maintaining its full-year adjusted operating profit margin and earnings per share expectations, as price increases offset some of the impact of slowing sales.
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Caterpillar's Q3 sales decreased by 4% year-on-year, and adjusted EPS was lower than expected.
On October 30th, Caterpillar announced its third-quarter performance, with sales of $16.11 billion, a 4% year-on-year decrease, slightly higher than the analysts' expected $16.08 billion; adjusted earnings per share were $5.17, lower than the analysts' expected $5.34. The adjusted operating margin was 20%, compared to 20.8% in the same period last year. During the period, the revenues of the machinery, energy, and transportation sectors decreased by 4.7% year-on-year. The company expects fourth-quarter sales and revenues to be slightly lower than the same period last year, with the adjusted operating margin lower than the third quarter, but slightly higher than the same period in 2023 due to seasonal factors.