Gabelli Discusses Earnings From Caterpillar
Gabelli & Co. is out with a research note on Caterpillar (NYSE: CAT) after it reported earnings this morning.
In a note to clients, Gabelli & Co. writes, "Indicating up ~$5 after reporting 3Q results including strong EPS of $1.93 (ex acquisitions cost) vs $1.22 YoY. Sales were +41% to $15.7B, (ex-Bucyrus, sales were +31%). Order backlog is at an all time high of $24.4B.
In the quarter, the company saw strong cash flow from machinery and power group. Construction was strong on the equipment side, boosted by rental companies refreshing fleets. Commodity prices remain high enough to keep mining equipment demand high."
Shares of CAT are up $4.60 in pre-market trading to $91.99.
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