Caterpillar beats Street 3Q forecasts
PEORIA, Ill. (AP) — Caterpillar Inc. (CAT) on Thursday reported third-quarter profit of $1.02 billion.
On a per-share basis, the Peoria, Illinois-based company said it had net income of $1.63. Earnings, adjusted for restructuring costs, came to $1.72 per share.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.
The construction equipment company posted revenue of $13.55 billion in the period, also surpassing Street forecasts. Analysts expected $13.37 billion, according to Zacks.
Caterpillar expects full-year earnings to be $6.50 per share, with revenue expected to be $55 billion.
Caterpillar shares have risen 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 4 percent. The stock has increased 6 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. CAT stock research report from Zacks: http://www.zacks.com/ap/CAT
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