Caterpillar shares jump as construction spending powers Q3 earnings beat

  • 📰 startelegram
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

Business News News

Caterpillar shares will provide a solid boost for the Dow after the construction equipment giant posted much stronger-than-expected third quarter earnings.

posted much stronger-than-expected third quarter earnings Tuesday, thanks in part to higher construction equipment demand linked to the ongoing support from government infrastructure spending.

Group revenues, Caterpillar said, rose 12.1% to $16.8 billion, a figure that topped analysts' estimates of a $16.52 billion tally. Operating profit margin was 20.5% for the quarter, well ahead of the 16.2% tally recorded last year but down from 21.1% over the three months ending in June. Caterpillar shares were marked 3.25% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $250.00 each.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 248. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Caterpillar earnings: What to expect from the construction equipment makerInvestors seem to have prepped for a disappointing Q3 report, while Wall Street analysts are expecting something bullish
Source: MarketWatch - 🏆 3. / 97 Read more »

Caterpillar Earnings Will Be All About the BacklogCat reports Tuesday morning. Wall Street is looking for earnings per share of $4.80 from sales of $16.6 billion.
Source: MarketWatch - 🏆 3. / 97 Read more »