Caterpillar’s stock falls on disappointing Q3 results
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Contributor since / Followers
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2 months ago
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Caterpillar (NYSE:CAT) fell 3% in premarket trading Wednesday after the maker of heavy machinery and construction equipment reported disappointing sales and profit for the third quarter. Management also warned about future results on weakness in the U.S. construction industry.
Earnings adjusted for one-time items were $5.17 a share, missing the average estimate of $5.35 a share among Wall Street analysts.
Revenue fell 4.2% from a year earlier to $16.1 billion, missing the consensus estimate of $16.24 billion.
Caterpillar (CAT) said sales for the full year will be “slightly lower” than it expected previously, but that its earnings outlook hadn’t changed.
