Caterpillar Earnings: Here’s Why the Stock is Popping Now
Caterpillar Inc. (NYSE:CAT) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 2.5%.
Caterpillar Inc. Earnings Cheat Sheet
Results: Net income decreased -54.95% to $697 million ($1.91 per diluted share) in the quarter versus a net gain of $1.55 billion in the year-earlier quarter.
Revenue: Decreased 6.74% to $16.08 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Caterpillar Inc. reported adjusted net income of $1.91 per share. By that measure, the company beat the mean analyst estimate of $1.7. It missed the average revenue estimate of $16.12 billion.