Investing.com - Global construction equipment manufacturer Caterpillar reported better-than-expected fourth quarter earnings and revenue figures on Monday, sending its shares higher ahead of the opening bell.
Caterpillar said earnings per share came in at USD1.54, beating expectations for earnings of USD1.27 per share. The company’s fourth quarter revenue totaled USD14.4 billion, above forecasts for revenue of USD13.65 billion.
Caterpillar increased its full-year adjusted earnings outlook to USD5.85 per share, compared to expectations for earnings of USD5.77 per share.
The firm also announced the authorization for a new USD10 billion stock buyback plan.
“In such a challenging environment, I am proud of the way our employees came together in 2013. Despite a sales and revenues decline of about USD10 billion, we set a record for operating cash flow, strengthened our balance sheet and improved our overall market position for machines,” said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.
Following the release of the report, shares in Caterpillar rallied 5.9% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was higher. The Dow Jones Industrial Average futures indicated a gain of 0.35% at the open, S&P 500 futures pointed to a rise of 0.35%, while Nasdaq 100 futures added 0.2%.
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Caterpillar beats on Q4 EPS, revenue; shares up 5.9% ahead of the open
Published 01/27/2014, 07:42 AM
Caterpillar beats on Q4 EPS, revenue; shares up 5.9% ahead of the open
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