Caterpillar stock gains after earnings
6 February 2024US manufacturer of construction and mining equipment, Caterpillar Inc. (NYSE: CAT), reported the latest financial results on Monday.
CAT achieved revenue of $17.07 billion for the three months ending 31/12/23 (an increase of 3% year-over-year), which beat analyst estimate of $17.057 billion.
Earnings per share (EPS) was reported at $5.23 (an increase of 35.84% year-over-year) vs. $4.765 per share expected.
The revenue for last year reached $61.1 billion, up by $59.4 billion the year prior. EPS also rose by 53.25% year-over-year to $21.21 per share.
Company overview
- Founded: 1925
- Headquarters: Irving, Texas, United States
- Number of employees: 109,100 (2022)
- Industry: Heavy equipment, Engines, Financial services
- Key people: Jim Umpleby (chairman & CEO)
CEO commentary
Jim Umpleby, CEO of Caterpillar commented on the latest results in a press release to investors: “I’m very proud of our global team’s strong performance as they achieved the best year in our 98-year history, including record full-year sales and revenues, record adjusted profit per share and record ME&T free cash flow.”
“We remain committed to serving our customers, executing our strategy and investing for long-term profitable growth,” Umpleby added.
Stock reaction
Shares of Caterpillar rose by around 5% at the open, reaching a new all-time high. The stock ended the day up by 2% at $321.40 a share.
Stock performance
- 5 day: +5.99%
- 1 month: +9.97%
- 3 months: +34.88%
- Year-to-date: +8.70%
- 1 year: +27.83%
Caterpillar stock price targets
- Morgan Stanley: $270
- Standford C. Bernstein: $245
- Stifel Nicolaus: $293
- HSBC: $250
- Tigress Financial: $295
- The Goldman Sachs Group: $274
- JP Morgan Chase & Co.: $320
- Bank of America: $297
- Barclays: $250
- Credit Suisse Group: $334
- Wells Fargo & Company: $285
- TD Cowen: $320
- Robert W. Baird: $234
- Citigroup: $270
Caterpillar Inc. is the 73rd largest company in the world with a market cap of $163.61 billion, according to CompaniesMarketCap.
You can trade Caterpillar Inc. (NYSE: CAT) and many other stocks from the NYSE, NASDAQ, HKEX and ASX with GO Markets as a Share CFD on the MetaTrader 5 platform. To find out more, go to ”Trading” then select ”Share CFDs”.
GO Markets offers pre-market and after-market trading on popular US Share CFDs.
Why trade during extended hours?
- Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
- Reduce your risk and hedge your existing positions ahead of a new trading day
- Extended trading hours on popular US stocks means extended opportunities
Sources: Caterpillar Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice.
Next Article
FX analysis – AUD dips ahead of RBA, USD follows yields higher on Hawkish Powell, Gold hits 1-week lows
USD was bid in Mondays session with the US Dollar Index following US treasury yields higher after hawkish comments from Fed Chair Powell over the weekend where he pushed back on market pricing of rate cuts starting in March. A beat in the ISM Services PMI data also supporting DXY as rate cut odds in March dropped down to around 17% from the 35% cha...
Previous Article
McDonald’s falls short on revenue for the first time since 2022
The US earnings season continues. To kick things off this week, McDonald’s Corporation (NYSE: MCD), released Q4 2023 and full year results before th...
