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Caterpillar’s Stock Rises 5% On Earnings Beat

Shares of Caterpillar (CAT) are up 5% after the construction equipment manufacturer reported better-than-expected financial results for the fourth quarter of 2023.

Caterpillar announced Q4 earnings per share (EPS) of $5.23 U.S., compared to $4.76 U.S. that was expected amongst analysts who cover the company.

Revenue in the final three months of last year totaled $17.10 billion U.S., which was inline with Wall Street forecasts.

The Irving, Texas-based company known for its distinctive yellow and black coloured bulldozers and dump trucks reported an operating profit margin of 18.9%, up from 17% a year earlier.

In terms of forward guidance, Caterpillar said that it expects full-year 2024 sales to be the same as last year. The company also forecast a profit margin of 19% this year.

Prior to today (Feb. 5), Caterpillar’s stock had risen 25% over the last 12 months to trade at $315.09 U.S. per share.