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Caterpillar reports strong 3Q sales and revenues, but Wall Street has concerns about the future

Hold for Business: A Caterpillar machine works on the demolition of a building in downtown Pittsburgh Thursday, April 28, 2022. (AP Photo/Gene J. Puskar)
Gene J. Puskar/AP
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AP
Hold for Business: A Caterpillar machine works on the demolition of a building in downtown Pittsburgh Thursday, April 28, 2022. (AP Photo/Gene J. Puskar)

Caterpillar is touting strong sales and revenues of $16.8 billion in the third quarter. That's a 12 percent increase from this time last year.

Business publication Barron's reports the $5.45 profit per share beat expectations. But Wall Street's overall reaction to the earning report was negative, with shares down a bit more than 6 and a half percent as of 8:30 a.m. on Tuesday morning.

Barron's says general anxiety about the economy's future trajectory and how that may impact future demand is a driving factor.

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Tim is the News Director at WCBU Peoria Public Radio.