Machinery giant Caterpillar is slated to report third-quarter earnings on Tuesday morning. Results will tell investors a lot about how the economy is shaping up heading into 2024.
Sales are up because prices are higher and Caterpillar is 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.“In a nutshell, during first quarter 2023 and second quarter 2023 , investor focus rested on potential margin upside from normalizing supply chains and price/cost tailwinds,” wrote Baird analyst Mig Dobre in an earnings preview report.
Management said on the second-quarter earnings conference call that dealer inventories increased by $600 million in the second quarter.
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