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Caterpillar stock rises 3% on earnings beat

Published 02/05/2024, 07:50 PM
Updated 02/05/2024, 07:50 PM
© Reuters.

Caterpillar (NYSE:CAT) reported results for the fourth quarter that exceeded average analyst expectations.

The company reported an adjusted EPS of $5.23, up from $3.86 year-over-year, and above the consensus estimate of $4.76. Total revenue for the quarter was $17.07 billion, reflecting a 2.8% increase year-over-year, and somewhat around the estimated $17.03 billion.

Shares rose over 3% in early Monday trade.

Revenue from the Machinery, Energy & Transportation segment reached $16.24 billion, up 2.3% from the previous year, but fell short of the expected $16.53 billion, according to the data compiled by Bloomberg.

"I'm very proud of our global team's strong performance as they achieved the best year in our 98-year history, including record full-year sales and revenues, record adjusted profit per share and record ME&T free cash flow," said Caterpillar Chairman and CEO Jim Umpleby.

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