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Caterpillar (CAT) Tops Q3 EPS by 36c; Boosts FY14 EPS Outlook

October 23, 2014 7:31 AM EDT

Caterpillar (NYSE: CAT) reported Q3 EPS of $1.72, $0.36 better than the analyst estimate of $1.36. Revenue for the quarter came in at $13.55 billion versus the consensus estimate of $13.19 billion.

"We're pleased with the third-quarter profit improvement considering world economic growth remains slower than we'd like. We've continued to focus on what we can control — cost management and operational execution. We continue on a Lean manufacturing journey and are focused on improving safety, quality, efficiency and inventory turns. We're making progress and it is beginning to be reflected in our results. The diversity of the businesses we're in and the strengthening of our operational performance have been key to helping us improve results and our competitive position in this weak economic recovery. Our broad geographic reach and manufacturing footprint help mitigate the impact of currency fluctuations. In fact, currency impacts were positive in the third quarter," said Caterpillar Chairman and Chief Executive Officer Doug Oberhelman.

"In addition to the profit improvement, we have a strong balance sheet and through the first nine months of the year, we've had good cash flow. So far this year, we've returned value to our stockholders by repurchasing $4.2 billion of Caterpillar stock and raising our quarterly dividend by 17 percent," Oberhelman said.

"We are confident that, when we see more significant economic growth around the world, our consistent focus on operational performance will have prepared us to deliver even better results," Oberhelman added.

Caterpillar sees FY2014 EPS of $6.50, versus prior guidance of $6.2 and the consensus of $6.26. Caterpillar sees FY2014 revenue of $55 billion, versus prior guidance of $54-56 billion and the consensus of $54.95 billion.

For earnings history and earnings-related data on Caterpillar (CAT) click here.



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