DEERFIELD, ILL. — Caterpillar’s third-quarter results beat Wall Street’s expectations, buoyed by increased demand and higher prices.
For the three months ended Sept. 30, the construction equipment company earned $1.73 billion, or $2.88 per share. A year earlier the Deerfield, Illinois-based company earned $1.06 billion, or $1.77 per share.
Stripping out restructuring costs and a tax benefit, earnings were $2.86 per share. Analysts surveyed by FactSet were calling for $2.84 per share.
Revenue climbed to $13.51 billion from $11.41 billion, with sales rising in its construction industries, resource industries, financial products and energy and transportation segments. Wall Street expected $13.26 billion in revenue.
Caterpillar Inc. still anticipates full-year adjusted earnings of $11 to $12 per share.
Analysts predict $11.64 per share.
Shares fell 6.7 per cent before the opening bell on Tuesday as global markets declined.