UPDATE: Caterpillar Posts Higher Q4 Profit

Caterpillar

reported a 44% rise in its fourth-quarter profit. Caterpillar's quarterly profit surged to $1 billion, or $1.54 per share, versus a year-ago profit of $697 million, or $1.04 per share. Its revenue declined to $14.40 billion from $16.08 billion. However, analysts were expecting a profit of $1.27 per share on sales of $13.41 billion. Caterpillar announced its plans to buy back $10 billion in common stock by the end of 2018. Caterpillar shares surged 6.51% to $91.78 in pre-market trading.