Caterpillar Cheered for Hunkering Down as Machinery Outlook Dims
- Fourth-quarter profit excluding one-time items beat estimates
- Even so, company says profit declines will persist in 2016
Caterpillar Reports Better-Than-Estimated Earnings
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Caterpillar Inc., the biggest maker of construction and mining machinery, reported better-than-estimated earnings as cutbacks blunted the effects of a commodities meltdown. The stock rose the most in a month.
Fourth-quarter profit excluding one-time items was 74 cents a share, the Peoria, Illinois-based company reported Thursday. That beat the 69-cent average estimate of analysts tracked by Bloomberg. Shares jumped as much as 7.1 percent, and were up 4.7 percent at the close in New York.