Caterpillar, Inc. (CAT) reported a 54% drop in third-quarter earnings caused by lower end-user demand for equipment and services, and the resultant decrease in dealer inventories driven by the pandemic. The company posted earnings per share of $1.34 on revenue of $9.9 billion, defeating analyst’s expectations of adjusted earnings per share of $1.18 on revenue of $9.798 billion.
The quarter sales marked a 23% decline year over year and profit per share declined 54% compared to the same quarter a year ago.
“Our third-quarter results largely aligned with our expectations, and we’re encouraged by positive signs in certain industries and geographies,” “We’re executing our strategy and are ready to respond quickly to changing market conditions.” stated Chairman and CEO Jim Umpleby .
Dow 30 Component Caterpillar, Inc. (CAT) is the world’s chief manufacturer of diesel and natural gas engines, construction and mining equipment, industrial gas turbines, and diesel-electric locomotives. Caterpillar, Inc. also works to make sustainable progress possible and contributes to driving positive change on every continent. To learn more about Caterpillar, Inc. (CAT) and to continue to track its progress please visit the Vista Partners Caterpillar, Inc. Coverage Page.
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