IRVING, Texas (AP) — IRVING, Texas (AP) — Caterpillar Inc. (CAT) on Wednesday reported third-quarter net income of $2.46 billion.
On a per-share basis, the Irving, Texas-based company said it had profit of $5.06. Earnings, adjusted for restructuring costs, came to $5.17 per share.
The results missed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $5.33 per share.
The construction equipment company posted revenue of $16.11 billion in the period, which also fell short of Street forecasts. Seven analysts surveyed by Zacks expected $16.35 billion.
Caterpillar shares have increased 31% since the beginning of the year, while the S&P’s 500 index has risen 22%. The stock has increased 60% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAT at https://www.zacks.com/ap/CAT
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