Caterpillar (NYSE:CAT) reported third quarter earnings that beat analyst's expectations on Tuesday and revenue that topped forecasts. However, shares still sold off following the news.
The firm reported earnings per share of $2.88 on revenue of $13.5B. Analysts polled by forecast EPS of $2.83 on revenue of $13.24B. That compared to EPS of $1.95 on revenue of $11.41B in the same period a year earlier. The company had reported EPS of $2.97 on revenue of $14.01B in the previous quarter.
"Most end markets continue to improve,” management said in a press release. “Order rates and backlog remain healthy. In the fourth quarter, price realization, operational excellence and cost discipline are expected to more than offset higher material and freight costs, including tariffs.”
The company maintained the adjusted profit per share outlook range of $11.00 to $12.00.
Caterpillar shares lost 5.6% to trade at $121.49 in pre-market trade following the report.
For the year, Caterpillar shares are down 18.69%, under-performing the S&P Global 100 which is down 0.25% year to date.
Caterpillar follows other major Capital Goods sector earnings this month
On Tuesday, 3M (NYSE:MMM) reported third quarter EPS of $2.58 on revenue of $8.15B, compared to forecasts of EPS of $2.72 on revenue of $8.45B.
Honeywell (NYSE:HON) earnings beat analyst's expectations on Friday, with third quarter EPS of $2.03 on revenue of $10.76B. analysts expected EPS of $1.99 on revenue of $10.75B
Stay up-to-date on all of the upcoming earnings reports by visiting 's earnings calendar
