Caterpillar Shares Tumble After Company Misses Across The Board, Revenues Plunge 19%, Guidance Cut
by Tyler Durden
ZeroHedge.com
10/22/2015
We hoped yesterday’s preview would soften the blow from today’s CAT Q3 earnings which were clearly going to be ugly, and surely worse than consensus estimates. Moments ago we got said earnings and as expected, they were indeed far worse than expected, with CAT reporting adjusted EPS of $0.75 ($0.62 GAAP), below consensus estimate of $0.77, while revenue of $11.0 billion also missed expectations of $11.33.This takes place even as CAT repurchased $1.5 billion in stock in Q3, or about 75% of the total $2.0 billion in buybacks it conducted in all of 2015 (compared to $8 billion in the past three years).
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