Caterpillar is reporting an 18-percent increase in 3rd quarter sales and revenue compared to the same time last year.
The company’s sales and revenue amounted to $13.5 billion. Profit per share for the third quarter is $2.88 which the company says is a quarterly record.
Caterpillar CEO Jim Umpleby says the company’s global team continues to do excellent work focusing on customer success and executing its strategy for profitable growth.
A statement from Caterpillar says order rate and backlog remain healthy and most markets continue to improve.
But the company’s annual outlook remains unchanged. Caterpillar expects annual profit per share to land between $10.65 and $11.65.
The company had adjusted its expectations upward twice before this year. Holding steady evidently signaled some pessimism to the market. Caterpillar stock dropped 9-percent in early trading Tuesday.