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Caterpillar: Q1 Earnings Snapshot
By AP News - Apr 27, 2023, 06:39 AM ET
Last Updated - Jun 22, 2023, 03:05 AM EDT
IRVING, Texas (AP) — IRVING, Texas (AP) — Caterpillar Inc. (CAT) on Thursday reported first-quarter profit of $1.94 billion.
On a per-share basis, the Irving, Texas-based company said it had net income of $3.74. Earnings, adjusted for restructuring costs and non-recurring costs, were $4.91 per share.
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The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $3.79 per share.
The construction equipment company posted revenue of $15.86 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $15.24 billion.
Caterpillar shares have fallen almost 10% since the beginning of the year, while the S&P's 500 index has risen roughly 6%. The stock has climbed almost 3% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a CAT">Zacks stock report on CAT at https://www.zacks.com/ap/CAT
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