Why Caterpillar Stock Is Sliding Today

Why Caterpillar Stock Is Sliding Today

Caterpillar Inc CAT shares are trading lower Tuesday after the company reported mixed financial results.

Caterpillar said second-quarter revenue increased 11% year-over-year to $14.2 billion, which missed the estimate of $14.38 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $3.18 per share, which beat the estimate of $3.01 per share.

"Our team delivered another good quarter with double-digit top line and adjusted profit per share growth despite ongoing supply chain challenges," said Jim Umpleby, chairman and CEO of Caterpillar.

Operating profit margins were 13.6% in the second quarter, down from 13.9% year-over-year. Caterpillar said it repurchased $1.1 billion of its common stock during the quarter. The company ended the quarter with $6 billion of enterprise cash.

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CAT Price Action: Caterpillar has traded between $237.90 and $167.08 over a 52-week period.

The stock was down 3.70% at $187.65 at press time.

Photo: Dimitris Vetsikas from Pixabay.

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