{"id":79068,"date":"2023-10-31T17:48:13","date_gmt":"2023-10-31T21:48:13","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/caterpillars-stock-dives-as-light-sales-outlook-backlog-drop-offset-a-big-profit-beat\/"},"modified":"2023-10-31T17:48:19","modified_gmt":"2023-10-31T21:48:19","slug":"caterpillars-stock-dives-as-light-sales-outlook-backlog-drop-offset-a-big-profit-beat","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=79068","title":{"rendered":"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat"},"content":{"rendered":"
\n

Shares of Caterpillar Inc. sank Tuesday, as investors focused more on the construction and mining equipment maker\u2019s \u201cslightly light\u201d sales outlook than the big third-quarter profit beat.<\/p>\n

The stock
\n CAT,
\n -6.65%<\/bg-quote>
\n initially rose as much as 4.7% in the premarket after the results were reported before quickly pulling a sharp U-turn. The stock was last down 6% in morning trading, as it headed for the lowest close since June 6, and the worst one-day performance since it shed 7% on April 22, 2022.r <\/p>\n

\n

The stock\u2019s $14.42 price decline was shaving about 95 points off the Dow Jones Industrial Average\u2019s price
\n DJIA,<\/span>
\n while the Dow was down 37 points, or 0.1%.<\/p>\n

<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

Net income rose to $2.79 billion, or $5.45 a share, from $2.04 billion, or $3.87 a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share of $5.52 was well above the FactSet consensus of $4.80.<\/p>\n

Revenue grew 12.1% to $16.81 billion, to beat the FactSet consensus of $16.57 billion.<\/p>\n

Construction Industries revenue grew 12% to $7.00 billion to beat the FactSet consensus of $6.60 billion and Energy and Transportation revenue increased 11% to $6.86 billion to top expectations of $6.53 billion, while Resource Industries revenue rose 9% to $3.35 billion to just miss expectations of $3.39 billion.<\/p>\n

In a presentation revealed on the company\u2019s website, the company said that third-quarter order backlog was $1.9 billion lower than a year ago and decreased $2.6 billion from the second quarter.<\/p>\n

Also, Caterpillar said fourth-quarter revenue is expected to be \u201cslightly higher\u201d than a year ago, while the FactSet consensus of $17.45 billion implies 5.1% growth.<\/p>\n

D.A. Davidson analyst Michael Shlisky said that while Caterpillar didn\u2019t provide \u201cpinpoint guidance,\u201d the revenue outlook appears \u201cslightly light.\u201d He reiterated his neutral rating on the stock.<\/p>\n

And adjusted operating profit margin for the fourth quarter is expected to be \u201clower\u201d than the third quarter, which was reported to be 20.8%, up from 16.5% from a year ago but down from 21.3% in the second quarter.<\/p>\n

TD Cowen\u2019s Matt Elkott said despite the \u201call-around beat\u201d for the third quarter, the fact that backlog fell at the same time sales volume moderated could be a drag on the stock. He kept his rating at outperform.<\/p>\n

Coming into the earnings report, analysts were upbeat about the third-quarter results while investors were cautious, given the recent history of disappointment. Basically, the results and outlook suggest both analysts and investors were right.<\/p>\n

Caterpillar\u2019s stock has tumbled 14.1% over the past three months, while the Dow has lost 7.5%.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Caterpillar Inc. sank Tuesday, as investors focused more on the construction and mining equipment maker\u2019s \u201cslightly light\u201d sales outlook than the big third-quarter profit beat. The stock CAT, -6.65% initially rose as much as 4.7% in the premarket after the results were reported before quickly pulling a sharp U-turn. The stock was last […]<\/p>\n","protected":false},"author":1,"featured_media":79069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-79068","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nCaterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Caterpillar Inc. sank Tuesday, as investors focused more on the construction and mining equipment maker\u2019s \u201cslightly light\u201d sales outlook than\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=79068\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Shares of Caterpillar Inc. sank Tuesday, as investors focused more on the construction and mining equipment maker\u2019s \u201cslightly light\u201d sales outlook than\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=79068\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-31T21:48:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-31T21:48:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/1698788895_social.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"639\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=79068#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=79068\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat\",\"datePublished\":\"2023-10-31T21:48:13+00:00\",\"dateModified\":\"2023-10-31T21:48:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=79068\"},\"wordCount\":415,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=79068#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=79068\",\"url\":\"https:\/\/ifintechworld.com\/?p=79068\",\"name\":\"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-10-31T21:48:13+00:00\",\"dateModified\":\"2023-10-31T21:48:19+00:00\",\"description\":\"Shares of Caterpillar Inc. sank Tuesday, as investors focused more on the construction and mining equipment maker\u2019s \u201cslightly light\u201d sales outlook than\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=79068#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=79068\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=79068#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat | iFintechWorld","description":"Shares of Caterpillar Inc. sank Tuesday, as investors focused more on the construction and mining equipment maker\u2019s \u201cslightly light\u201d sales outlook than","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=79068","og_locale":"en_US","og_type":"article","og_title":"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat | iFintechWorld","og_description":"Shares of Caterpillar Inc. sank Tuesday, as investors focused more on the construction and mining equipment maker\u2019s \u201cslightly light\u201d sales outlook than","og_url":"https:\/\/ifintechworld.com\/?p=79068","og_site_name":"iFintechWorld","article_published_time":"2023-10-31T21:48:13+00:00","article_modified_time":"2023-10-31T21:48:19+00:00","og_image":[{"width":1280,"height":639,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/1698788895_social.png","type":"image\/png"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=79068#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=79068"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat","datePublished":"2023-10-31T21:48:13+00:00","dateModified":"2023-10-31T21:48:19+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=79068"},"wordCount":415,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=79068#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=79068","url":"https:\/\/ifintechworld.com\/?p=79068","name":"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-10-31T21:48:13+00:00","dateModified":"2023-10-31T21:48:19+00:00","description":"Shares of Caterpillar Inc. sank Tuesday, as investors focused more on the construction and mining equipment maker\u2019s \u201cslightly light\u201d sales outlook than","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=79068#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=79068"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=79068#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Caterpillar\u2019s stock dives as light sales outlook, backlog drop offset a big profit beat"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/79068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=79068"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/79068\/revisions"}],"predecessor-version":[{"id":79070,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/79068\/revisions\/79070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/79069"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=79068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=79068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=79068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}