Global industrial equipment manufacturer Caterpillar $CAT reported better than expected third quarter 2017 earnings before the market open Tuesday. $CAT followed up Q1 & Q2 where it crushed earnings and also raised guidance. Shares soared 7% in the pre market.
Global industrial equipment manufacturer Caterpillar $CAT reported better than expected third quarter 2017 earnings before the market open Tuesday. $CAT followed up Q1 & Q2 where it crushed earnings and also raised guidance. Shares Soared 7% in the pre market.. $CAT has followed up Q1 where it crushed earnings on cost-cutting and a strong bounce in key businesses energy and transportation.
Earnings: Earned $1.77 per share on revenue of $11.4 billion beating expected EPS of $1.27, and revenue of $10.63 billion
Reaction: Caterpillar NYSE: CAT Pre-market: 140.70 +8. 02 (+6.78%) Before today $CAT shares were already up a massive 42% for the year.
$CAT has been on the rise since back in Q1 the company raised guidance citing the recent pick up in construction related activity. We have seen revenue increases across its three main segments, with the increase driven by price and volume gains in its construction unit.
Last Quarter: Caterpillar Earnings Beat, Raises Guidance $CAT Soars 5%
Caterpillar expects full-year 2017 adjusted EPS of $6.25 on revenue of about $44 billion. This is up from expected adjusted earnings of $5 per share at the midpoint of its revenue guidance of $42 billion to $44 billion. Before todayy’s report, analysts were expecting fiscal year EPS of $5.29 on revenue of $42.94 billion.
The company said it continues to see strength in construction in China and on-shore oil and gas in North America. Management is increasing production to meet customer demand for improving markets.
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