Caterpillar Inc. reported first-quarter earnings that surpassed Wall Street expectations, primarily due to stronger pricing. Despite this, the company's stock fell as a decline in sales volumes outweighed the profit gains, with the stock price down by 4%. Additionally, Caterpillar missed revenue expectations and issued a sales warning, citing cooling machinery demand. The company's CEO highlighted that a strong balance sheet and Machinery, Energy & Transportation (ME&T) free cash flow enabled a record $5.1 billion in cash deployment for share repurchases and dividends during the quarter.
Caterpillar shares slump on sales warning as machinery demand cools https://t.co/bPtpxkIOm1 https://t.co/nDh1y6SAg0
Caterpillar beats EPS, misses on revenues. CEO: "Our strong balance sheet and ME&T free cash flow allowed us to deploy a record $5.1 billion of cash for share repurchases and dividends in the first quarter" $CAT: -4% PM https://t.co/FNfFqJBgVT
Caterpillar Stock Falls After Earnings. Here’s Why. https://t.co/tKwqSBVKlG
Caterpillar’s stock falls as volume declines outweigh profit beat https://t.co/P7l4P3UBn8
Caterpillar reports first-quarter earnings that beat Wall Street’s expectations, helped by stronger pricing https://t.co/Ezcox047oz