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Caterpillar profit misses consensus by 23.2% in Q3

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Caterpillar profit misses consensus by 23.2% in Q3

Caterpillar Inc. said its normalized net income for the third quarter was 60 cents per share, compared with the S&P Capital IQ consensus estimate of 79 cents per share.

EPS declined 58.3% year over year from $1.45.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $359.5 million, a decline of 60.2% from $902.3 million in the prior-year period.

The normalized profit margin fell to 4.7% from 6.7% in the year-earlier period.

Total revenue declined 19.1% on an annual basis to $10.96 billion from $13.55 billion, and total operating expenses fell 16.0% from the prior-year period to $10.13 billion from $12.07 billion.

Reported net income declined 63.7% year over year to $368.8 million, or 62 cents per share, from $1.02 billion, or $1.63 per share.