Israel Matzav

#BDS_Fail: Company they love to hate posts blockbuster 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.

Labels: BDS, Caterpillar

posted by Carl in Jerusalem @ 11:25 AM