Caterpillar Reports Massive Blow Out Earnings (CAT)
Caterpillar (NYSE: CAT) just reported earnings, and it absolutely destroyed Wall Street estimates.
Caterpillar reported third quarter earnings of $1.22, sharply higher than the $1.09 that Wall Street was expecting. Revenues for the quarter were $11.134 billion.
Caterpillar sharply raised its earnings and sales forecast for 2010, moving its estimates $3.15-$3.85 per share to $3.80-$4 per share, and moving its sales target from $39-$42 billion to $41-$42 billion. This is an increase of 28%.
This is an absolutely tremendous quarter, and as I wrote yesterday, Caterpillar humming along is outstanding for the American economy.
Disclosure: long CAT
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