Caterpillar Stock Falls After Company Smashed Earnings. What’s Behind the Move.

Machinery company Caterpillar smashed earnings expectations again. But orders backlog fell. Investors will have to decide whether strong performance now is enough to overcome their fears about the global economy down the road.

Sales rose because prices were higher and Caterpillar has been shipping more equipment to customers. End markets have been recovering from Covid-related lows and supply-chain issues that constrained production and led to lower dealer inventories. Caterpillar ended the third quarter with a backlog of about $28.1 billion, down from a second-quarter backlog of $30.7 billion. Backlog ended the first quarter at $30.4 billion, and ended the third quarter of 2022 at $30 billion.

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