By Iain Gilbert
Date: Tuesday 31 Oct 2023
LONDON (ShareCast) - (Sharecast News) - Shares in trade bellwether Caterpillar headed south in pre-market trading on Tuesday after news of the construction equipment manufacturer's decelerating sales growth more than offset its third-quarter earnings beat.
Caterpillar earnings per share rose 40% to $5.52 in the three months ended 30 September, while revenues grew 12% to $16.81bn. The group attributed $1.3bn of that to price increases and about $350.0m to higher sales volumes. Analysts had expected Caterpillar to deliver EPS of $4.80 and revenues of $16.57bn.
Construction industry sales were up 12% year-on-year at $3.7bn but down 2.2% on the previous quarter, driven by lower sales in Latin America and Asia.
Resource industries sales grew 9% year-on-year, and sales to energy and transportation industries grew 11% year-on-year. However, both were softer quarter-on-quarter, down 6% and 5%, respectively.
Caterpillar said its order backlog had nosedived $2.6bn quarter-on-quarter, a sharp reversal from the prior period's $300.0m uptick, partly due to the fact that supply chains have largely normalised and the need for extra equipment has eased.
As of 1320 GMT, Caterpillar shares were down 5.83% in pre-market trading at $228.05.
Reporting by Iain Gilbert at Sharecast.com
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Currency | US Dollars |
Share Price | $ 321.47 |
Change Today | $ -4.89 |
% Change | -1.50 % |
52 Week High | $379.30 |
52 Week Low | $226.05 |
Volume | 4,195,333 |
Shares Issued | 499.38m |
Market Cap | $160,535m |
RiskGrade | 152 |
Strong Buy | 4 |
Buy | 5 |
Neutral | 12 |
Sell | 1 |
Strong Sell | 2 |
Total | 24 |
Time | Volume / Share Price |
16:00 | 409,232 @ $321.47 |
15:59 | 204 @ $321.50 |
15:59 | 100 @ $321.50 |
15:59 | 100 @ $321.52 |
15:59 | 100 @ $321.32 |
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