Why Construction Equipment Maker Caterpillar's Stock Is Sliding Today
Portfolio Pulse from Akanksha Bakshi
Caterpillar Inc (NYSE:CAT) reported a 12% YoY increase in Q3 FY23 revenue to $16.81 billion, beating the consensus of $16.59 billion. Adjusted earnings were $5.52 per share, compared to $3.95 a year ago, topping the consensus of $4.79. The company's sales increase was due to favorable price realization and higher sales volume. However, despite the positive earnings report, CAT shares are trading lower by 5.81% at $228.10.
October 31, 2023 | 2:40 pm
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Caterpillar Inc reported higher than expected Q3 FY23 revenue and earnings. However, the stock is trading lower.
Despite Caterpillar Inc reporting higher than expected Q3 FY23 revenue and earnings, the stock is trading lower. This could be due to a variety of factors not mentioned in the article, such as market sentiment, broader market trends, or specific investor concerns about the company's future performance.
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