Q3 24 EPS
$5.17
MISS 3.18%
Est. $5.34
Q3 24 Revenue
$16.11B
BEAT +0.13%
Est. $16.08B
vs S&P Since Q3 24
+149.6%
BEATING MARKET
CAT +177.3% vs S&P +27.8%
Market Reaction
Did CAT Beat Earnings? Q3 2024 Results
Caterpillar delivered a mixed third quarter, with earnings falling short of Wall Street expectations even as revenue edged past forecasts. The heavy equipment giant posted adjusted EPS of $5.17, missing the $5.34 consensus estimate by 3.18%, while re… Read more Caterpillar delivered a mixed third quarter, with earnings falling short of Wall Street expectations even as revenue edged past forecasts. The heavy equipment giant posted adjusted EPS of $5.17, missing the $5.34 consensus estimate by 3.18%, while revenue of $16.11 billion came in just ahead of the $16.08 billion consensus, though still down 4.2% from a year ago. The headline story was a broad-based pullback in equipment sales volume, with $759 million in lower volume weighing on results as dealer inventory builds moderated sharply from prior-year levels. Not all segments suffered equally, however; Energy and Transportation stood out with 5% growth to $7.19 billion, powered by a 26% surge in power generation sales tied to large reciprocating engines for data center applications, a demand tailwind increasingly shaping the industrial equipment landscape as peers in the power generation space report similar dynamics. Operating profit fell 9% to $3.15 billion, with margins contracting to 19.5%, as Construction Industries faced a rare negative pricing dynamic alongside weaker volumes across most geographies.
Key Takeaways
- • Lower sales volume of $759 million was the primary driver of revenue decline, mainly from lower equipment sales to end users
- • Favorable price realization of $104 million partially offset volume declines
- • Energy & Transportation benefited from strong Power Generation sales, particularly large reciprocating engines for data center applications
- • Construction Industries experienced unfavorable price realization of $147 million
- • Dealer inventory increased less during Q3 2024 than Q3 2023, creating an unfavorable sales volume impact
- • Unfavorable foreign currency impacts reduced other income significantly
CAT YoY Financials
Q3 2024 vs Q3 2023, source: SEC Filings
CAT Revenue by Segment
With YoY comparisons, source: SEC Filings
CAT Revenue by Geography
With YoY comparisons, source: SEC Filings
“I'd like to thank our global team for delivering strong adjusted operating profit margin and adjusted profit per share while generating robust ME&T free cash flow.”
— Jim Umpleby, Q3 2024 Earnings Press Release
CAT Earnings Trends
CAT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CAT EPS Trend
Earnings per share: estimate vs actual
CAT Revenue Trend
Quarterly revenue: estimate vs actual
CAT Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $4.64 | $5.54 | +19.30% | $17.42B | +5.94% |
| Q4 25 BEAT FY | $4.71 | $5.16 | +9.51% | $19.13B | +7.74% |
| FY Full Year | — | $19.06 | — | $67.59B | — |
| Q3 25 BEAT | $4.52 | $4.95 | +9.43% | $17.64B | +5.15% |
| Q2 25 MISS | $4.90 | $4.72 | -3.73% | $16.57B | +1.88% |
| Q1 25 MISS | $4.35 | $4.25 | -2.31% | $14.25B | -2.28% |
| Q4 24 BEAT FY | $5.03 | $5.14 | +2.25% | $16.22B | -1.93% |
| FY Full Year | — | $21.90 | — | $64.81B | — |
| Q3 24 MISS | $5.34 | $5.17 | -3.18% | $16.11B | +0.13% |