Caterpillar Inc. Reports Third-Quarter Earnings

Caterpillar Inc. reported third-quarter earnings and revenue that fell short of analyst expectations, resulting in a 5.3% decrease in shares during early trading on Wednesday.

The heavy machinery manufacturer posted adjusted earnings per share of $5.17, missing the consensus estimate of $5.35. Revenue for the quarter was $16.1 billion, falling short of the projected $16.37 billion. However, revenue showed an increase from the same quarter last year, though the percentage increase was not specified.

Caterpillar's financial services subsidiary, Cat Financial, reported third-quarter revenues of $888 million, which is up 5% YoY. The unit's profit rose 40% to $137 million, aided by a lower provision for credit losses.

> "Cat Financial delivered another quarter of strong results. Our portfolio continues to perform well with past dues remaining at historical lows," said Dave Walton, President of Cat Financial.

Cat Financial's retail new business volume increased 17% YoY to $3.40 billion, mainly due to higher volume in Mining and North America. Past dues improved to 1.74% from 1.96% a year ago.

Prior to today’s premarket drop, Caterpillar shares had gained over 32% in 2024 and more than 60% over the last 12 months.