Caterpillar's earnings dropped in the third quarter, but still beat Wall Street's expectations.
The Peoria-based earthmoving giant reported third quarter sales and revenues of $9.9 billion this year, or $1.34 a share. That's down 23 percent from the same time period last year, but better than the $1.17 per share analysts expected, Barron's reports.
Net income declined to $668 million, from $1.49 billion in 2019.
The pandemic continues to drag on the company's bottom line. Caterpillar attributed the drop in sales to decreased customer demand for its equipment and services.
“Our third-quarter results largely aligned with our expectations, and we’re encouraged by positive signs in certain industries and geographies," Caterpillar CEO and Chairman Jim Umpleby said in a news release. "We’re executing our strategy and are ready to respond quickly to changing market conditions.”
Caterpillar shares dropped in premarket trading Tuesday morning.
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