An earlier version of this report had a typo in the adjusted EPS figure, It has been corrected.
Caterpillar Inc. shares
CAT,
rose 3.6% in premarket trade Thursday, after the construction and mining equipment maker topped estimates for the third quarter. Caterpillar posted net income of $2.0141 billion, or $3.87 a share, for the quarter, up from $1.426 billion, or $2.60 a share, in the year-earlier period. Adjusted per-share earnings came to $3.95, ahead of the $3.16 FactSet consensus. Revenue rose to $15.0 billion from $12.4 billion, also ahead of the $14.4 billion FactSet consensus. Sales rose at the company’s three divisions of construction industries, resource industries and energy & transportation. “The increase in sales volume was driven by the impact from changes in dealer inventories, higher sales of equipment to end users and higher services,” the company said in a statement. “Dealers increased inventories by $700 million during the third quarter of 2022, compared with a decrease of $300 million during the third quarter of 2021.” Shares have fallen 4.7% in the year to date, while the Dow Jones Industrial Average
DJIA,
has fallen 12% and the S&P 500
SPX,
has fallen 19.6%.
