Caterpillar Sees 2024 Sales And Revenues Slightly Lower Than Prior Expectations - Update

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Caterpillar Inc. (CAT) said the company expects 2024 sales and revenues to be slightly lower than its expectations at last earnings call. Caterpillar projects 2024 adjusted operating profit margin to be above the top of the target range relative to the expected corresponding level of sales and revenues. The company noted that its full-year expectations for adjusted operating profit margin and adjusted profit per share remain unchanged compared to expectations at last earnings call.

Caterpillar expects fourth quarter sales and revenues to be slightly lower compared to prior year. The company expects adjusted operating profit margin to be modestly higher than last year.

Q3 Results:

The company's bottom line came in at $2.46 billion, or $5.06 per share. This compares with $2.79 billion, or $5.45 per share, in last year's third quarter. Adjusted profit per share was $5.17, compared to $5.52. Analysts on average had expected the company to earn $5.34 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Adjusted operating profit margin was 20.0%, compared with 20.8%.

The company's revenue for the quarter fell 4.2% to $16.11 billion from $16.81 billion last year. The company said the decrease was primarily due to lower sales volume. Analysts on average had estimated $16.08 billion in revenue.

Shares of Caterpillar are down 3% in pre-market trade on Wednesday.

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