Robust Global Economic Activity Aiding Caterpillar's Recovery in 3Q
After wide-moat Caterpillar’s third-quarter results, we are increasing our fair value estimate to $101 from $95 as we incorporate our expectation of improved operating margins. Third-quarter adjusted EPS increased 31% sequentially from the second quarter and 129% from the prior-year period, to $1.95, beating consensus estimates by a whopping $0.68. Continuing to exceed our expectations on both the top and bottom lines, Caterpillar increased nonfinancial revenue 27% to $10.7 billion from the prio...Caterpillar is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company segments include: Construction Industries, which supports customers using machinery in infrastructure, forestry and building construction; Resource Industries, which supports customers using machinery in mining, heavy construction, quarry and aggregates, waste and material handling applications; Energy and Transportation, which supports customers in oil and gas, power generation, marine, rail and industrial applications, including Cat? machines; and Financial Products, which provides financing and related services.
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