Why Is Caterpillar Stock Shooting Higher Today?

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Construction and mining equipment manufacturer Caterpillar Inc (NYSE:CAT) reported a fourth-quarter fiscal 2023 revenue increase of 3% year-over-year to $17.07 billion, missing the consensus of $17.11 billion. 

CAT’s adjusted earnings of $5.23 per share, compared to $3.86 a year ago, topped the consensus of $4.75.

Favorable price realization, higher Financial Products’ segment revenues, and favorable currency impact primarily related to the euro, led to the sales increase, offset by lower sales volume.

Caterpillar states that the decrease in sales volume was driven by the impact of changes in dealer inventories, partially offset by higher sales of equipment to end users. 

Dealer inventory decreased by $900 million during the quarter, compared with an increase of $700 million in 2022.

Adjusted operating profit margin was 18.9% for the quarter, up from 17% YoY.

Machinery, Energy & Transportation segment revenue increased 2.3% Y/Y, with Construction …

Full story available on Benzinga.com


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