{"id":78717,"date":"2023-10-30T23:49:02","date_gmt":"2023-10-31T03:49:02","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/caterpillar-earnings-will-be-all-about-the-backlog\/"},"modified":"2023-10-30T23:49:06","modified_gmt":"2023-10-31T03:49:06","slug":"caterpillar-earnings-will-be-all-about-the-backlog","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=78717","title":{"rendered":"Caterpillar Earnings Will Be All About the Backlog"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000785402\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Machinery giant<br \/>\n        Caterpillar<br \/>\n       is slated to report third-quarter earnings on Tuesday morning. Results will tell investors a lot about how the economy is shaping up heading into 2024. <\/p>\n<p>Wall Street is looking for earnings per share of $4.80 from sales of $16.6 billion, according to FactSet. A year ago in the third quarter of 2022,<br \/>\n        Caterpillar<br \/>\n       (ticker: CAT) reported EPS of $3.95 from sales of $15 billion.<\/p>\n<div class=\"paywall\">\n<p>Sales are up because prices are higher and Caterpillar is shipping more equipment to customers. End markets have been recovering from Covid-related lows and supply-chain issues that constrained production and led to lower dealer inventories. <\/p>\n<p>While things are OK today, investors will be looking for insights about what comes next. <\/p>\n<p>\u201cIn a nutshell, during first quarter 2023 and second quarter 2023 [earnings reports], investor focus rested on potential margin upside from normalizing supply chains and price\/cost tailwinds,\u201d wrote Baird analyst Mig Dobre in an earnings preview report. \u201cAttention will now shift to backlog\/order progression.\u201d <\/p>\n<p>Cat ended the second quarter with a backlog of $30.7 billion, up from $30.4 billion in the first quarter and up from about $30 billion at the end of the third quarter of 2022. <\/p>\n<p>Management said on the second-quarter earnings conference call that dealer inventories increased by $600 million in the second quarter. <\/p>\n<p>Backlog and inventories will be scrutinized when Cat reports results. Economic weakness can lead dealers to stop ordering, pressuring backlog. Management hosts a conference call at 8:30 a.m. Eastern time. <\/p>\n<p>Dobre isn\u2019t optimistic about the coming update. He rates shares Sell and has a $232 price target for Cat stock. Overall, 42% of the analysts covering Cat stock rate shares Buy, according to FactSet. The average Buy-rating ratio for stocks in the<br \/>\n        S&amp;P 500<br \/>\n       is about 55%. The average analyst price target for Cat is about $288 a share. <\/p>\n<p>Caterpillar stock is up about 12% over the past 12 months. The<br \/>\n        S&amp;P 500<br \/>\n      and<br \/>\n        Dow Jones Industrial Average<br \/>\n       were up about 8% and 1%, respectively. <\/p>\n<p>Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/caterpillar-earnings-backlog-c9d4f6c1?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Machinery giant Caterpillar is slated to report third-quarter earnings on Tuesday morning. Results will tell investors a lot about how the economy is shaping up heading into 2024. Wall Street is looking for earnings per share of $4.80 from sales of $16.6 billion, according to FactSet. A year ago in the third quarter of 2022, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":78718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-78717","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Caterpillar Earnings Will Be All About the Backlog | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Machinery giant Caterpillar is slated to report third-quarter earnings on Tuesday morning. 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