Vietnamese
Open account Try free demo
Call: +1 (212) 8589589 Mail: customers_svg@gomarkets.com
Login Open CFD account
Login Open CFD account
Vietnamese
Login Open CFD account
News & Analysis
Try free demo Open live account
News & Analysis
Try free demo Open live account

Caterpillar stock gains after earnings

6 February 2024 By Klavs Valters

Share

US 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

Ready to start trading?

Try free demo Open account

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. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.