Caterpillar shares fall on equipment demand concerns despite earnings beat

© Reuters. A Caterpillar 777 autonomous mining truck is displayed during CES 2023, an annual consumer electronics trade show, in Las Vegas, Nevada, U.S. January 6, 2023. REUTERS/Steve Marcus/ File Photo

Executives attempted to assuage investor concerns on a conference call. Chief Financial Officer Andrew Bonfield said that dealer inventories for construction equipment are"within the typical three-to-four month sales range." Caterpillar's profit has also benefited from effective cost controls and price hikes shielding margins amid ongoing inflationary pressures.Executives reiterated that demand for heavy machinery from construction and mining industries was expected to drive full-year operating margin slightly above its targeted range. The company had forecast an adjusted operating profit margin between 10-13% and 18-21% when it reported fourth-quarter results on Jan. 31.

The company has ramped up production to make up for sales missed during the pandemic when components were unavailable but is still navigating supply chain challenges, primarily with its large engines.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Stocks mixed into Fed meeting, new Apple MacBooks, Caterpillar and Pfizer earnings, AMD on DeckStocks mixed, Apple, Caterpillar, AMD, Pfizer
Источник: startelegram - 🏆 248. / 63 Прочитайте больше »

Caterpillar shares jump as construction spending powers Q3 earnings beatCaterpillar shares will provide a solid boost for the Dow after the construction equipment giant posted much stronger-than-expected third quarter earnings.
Источник: startelegram - 🏆 248. / 63 Прочитайте больше »

Stocks making the biggest moves premarket: JetBlue, Pinterest, Chewy, Caterpillar and moreThese are the stocks posting the largest moves in premarket trading.
Источник: CNBC - 🏆 12. / 72 Прочитайте больше »

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
Источник: MarketWatch - 🏆 3. / 97 Прочитайте больше »