After reporting earnings that missed Wall Street estimates last quarter, Caterpillar reported earnings that "bulldozed" past estimates, and Caterpillar appears to be spreading its wings in this latest quarterly release.
The Illinois-based manufacturer of mining and earth moving equipment reported third quarter earnings that blew past Wall Street estimates, and the company also raised its full year guidance, sending shares up more than 5% this morning. Caterpillar reported earnings of $1.71 per share on $15.72 billion in revenues. That is far greater than what Wall Street analysts had been expecting. The consensus on the Street expected $1.55 per share in earnings on $15.03 billion in revenues. Excluding one-time items, Caterpillar's earnings came in at $1.93 per share. In addition to the earnings beat, Caterpillar guided full year earnings to $6.75 per share, versus estimates of $6.67 per share.
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