Lower sales volume kept Caterpillar profits about flat in the first quarter of 2024, when compared to the same time last year.
The company reported $15.8 billion in first-quarter sales and revenues to shareholders on Thursday
Wall Street reacted unfavorably. The Dow took a 650-point nosedive after earnings reports from Cat and IBM were released Thursday morning, and Big Yellow's shares were down more than $25 as of 9 a.m.
The company spent $4.5 billion in cash to repurchase shares in the first quarter.
CEO Jim Umpleby says the Texas-based company is continuing to position itself for "long-term profitable growth."
