Caterpillar Bulls Vindicated as CEO Posts Third Sales Beat
- Shares surge 5% to record closing price in New York trading
- Machinery maker sees continued strength in China construction
Why Shares of Caterpillar Are Surging
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Caterpillar Inc. keeps raising the bar on sales and earnings expectations -- and then keeps topping them.
The Deerfield, Illinois-based company projected 2017 sales of $44 billion, marking a third-straight increase in annual revenue projections. It also raised its earnings forecast. Caterpillar said in a statement Tuesday that third-quarter sales were $11.4 billion, higher than analysts estimated and above the level a year earlier. Shares surged.