#BDS_Fail: Company they love to hate posts blockbuster quarter
It was announced last week that Caterpillar posted a blockbuster third quarter
Caterpillar, based in Peoria, Illinois, reported third-quarter net
income of $1.02 billion, or $1.63 per share, in the three months ending
Sept. 30, compared with $951 million, or $1.45 per share, in the same
quarter a year ago.
Adjusted to remove restructuring costs, earnings came to $1.72 per
share, blowing past Wall Street expectations of $1.33 per share.
Revenue rose slightly to $13.55 billion, also topping the $13.37 billion
analysts expected, according to Zacks Investment Research.
Even as new evidence of a global economic slowdown emerged, Caterpillar
said Thursday that it expects adjusted full-year earnings to reach $6.50
per share, up from its previous forecast of $6.20 per share. Revenue is
expected to be $55 billion, in the middle of earlier projections
between $54 billion and $56 billion.
This week, China reported economic growth fell to a five-year low of 7.3
percent in the third quarter and there are concerns that Europe is
sliding back into recession.
"We've continued to focus on what we can control — cost management and operational execution," Oberhelman said.
Shares of Caterpillar Inc. rose $3.97, or 4.2 percent, to $98.54 in
morning trading Thursday. As of Wednesday's close, its shares were up 4
percent since the beginning of the year.
Caterpillar is the company that the BDS'ers love to hate
Labels: BDS, Caterpillar