Caterpillar Inc. (CAT) reported third-quarter 2017 results before markets opened Tuesday morning.
The heavy equipment firm posted adjusted diluted earnings per share (EPS) of $1.95 on revenues of $11.4 billion. In the same period a year ago, the company reported adjusted EPS of $0.85 on revenues of $9.2 billion. Third-quarter results also compare to consensus estimates for EPS of $1.27 and $10.63 billion in revenues.
On a GAAP basis, Caterpillar posted net profit of $1.58 billion in the third quarter. Net profit totaled $481 million in the year-ago quarter.
At the end of the first quarter, Caterpillar's order backlog totaled about $15.4 billion. This represents a sequential increase of about $600 million. Compared with the year-ago quarter, total backlog increased by about $3.8 billion.
Caterpillar has raised its 2017 revenue forecast to $44 billion, up from a previous range of $42 billion to $44 billion. The profit outlook soared from an estimated adjusted EPS of $5.00 to a new estimate of $6.25.
Submitted October 24, 2017 at 09:22AM by ChocolateTsar http://ift.tt/2zLRvja
