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Caterpillar: Expectations Missed - Company Disappoints Across the Board

Breaking News: Caterpillar Misses Expectations

Caterpillar, the heavy machinery manufacturer, failed to meet analysts' expectations in the third quarter of 2024, leading to a significant drop in its stock price. The company reported a decline in revenue and earnings, as well as a decrease in its backlog of orders.

Key Points

* Caterpillar missed analysts' expectations for revenue, earnings, and backlog of orders. * The company's stock price dropped by 10% in after-hours trading. * Caterpillar cited macroeconomic headwinds and supply chain disruptions as factors contributing to its disappointing performance.

Revenue and Earnings Decline

Caterpillar's revenue for the third quarter was $14.3 billion, a 5% decrease from the same period last year. The company's net income also declined by 15%, to $1.9 billion.

Decrease in Backlog of Orders

Caterpillar's backlog of orders, which represents future sales, also decreased by 10% to $23 billion. This decline suggests that the company may face challenges in maintaining its current sales levels in the coming quarters.

Reason for Disappointment

Caterpillar attributed its disappointing performance to several factors, including macroeconomic headwinds and supply chain disruptions. The company cited the ongoing war in Ukraine, rising inflation, and the COVID-19 pandemic as factors that have negatively impacted its business.

Stock Price Drop

In response to the news, Caterpillar's stock price dropped by 10% in after-hours trading. The company's stock has now lost more than 20% of its value since the beginning of the year.

Outlook

Caterpillar's management team expressed cautious optimism about the future, stating that they believe the company is well-positioned to navigate the current challenges. The company plans to focus on cost-cutting measures and operational efficiency to improve its financial performance.

Conclusion

Caterpillar's disappointing third-quarter results have raised concerns about the company's ability to meet its long-term growth targets. The company faces a challenging operating environment, and it remains to be seen whether it can overcome these challenges and return to its previous levels of profitability.