Caterpillar (CAT) Gears Up for Q3 Earnings
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Caterpillar Inc. (NYSE: CAT) closed about 6% up from their opening today, ahead of their third quarter earnings report due before the market opens tomorrow, October 20, 2009.
Analysts currently expect CAT to report quarterly Q3 EPS $0.06 on revenues of $7.49 billion. For the second quarter, Caterpillar reported EPS of $0.72, which was down from the previous year, but smashed the consensus EPS of $0.22 for the quarter. Sales were $7.98 billion compared to the consensus of $8.86 billion.
CAT sees FY09 EPS of $1.15 - $2.25, and the consensus is currently $1.49. Consensus FY09 revenue is set at $33.09 billion and Caterpillar gave their FY09 revenue estimate of $32 - $36 billion.
CAT is up 58% since its second quarter results.
Data from Bloomberg shows that 9 analysts have Buy ratings on CAT and 14 have Holds, and 4 have Sell on the stock. Caterpillar analysts have an average price target of $51.57. The street high is $66, and the low is $33.
Barclays recently raised their price target on Caterpillar, from $43 to $58, while maintaining their Equalweight rating.
Credit Suisse also upgraded CAT to Outperform from Neutral.
In August, Bank of America lifted their price target to $52 from $45, and reiterated their Buy rating.
Well Fargo analysts expect CAT to miss consensus, and they believe that a flat revenue forecast would be a short-term disappointment. Their FY09 EPS Estimates is $1.40, and Q309 EPS of $0.03. Wells also sees revenue declining about 44%, and EBIT margins will contract to 0%.
Caterpillar will issue its Q309 results via press release at approximately 7:30 AM (EDT) on October 20, 2009. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
Analysts currently expect CAT to report quarterly Q3 EPS $0.06 on revenues of $7.49 billion. For the second quarter, Caterpillar reported EPS of $0.72, which was down from the previous year, but smashed the consensus EPS of $0.22 for the quarter. Sales were $7.98 billion compared to the consensus of $8.86 billion.
CAT sees FY09 EPS of $1.15 - $2.25, and the consensus is currently $1.49. Consensus FY09 revenue is set at $33.09 billion and Caterpillar gave their FY09 revenue estimate of $32 - $36 billion.
CAT is up 58% since its second quarter results.
Data from Bloomberg shows that 9 analysts have Buy ratings on CAT and 14 have Holds, and 4 have Sell on the stock. Caterpillar analysts have an average price target of $51.57. The street high is $66, and the low is $33.
Barclays recently raised their price target on Caterpillar, from $43 to $58, while maintaining their Equalweight rating.
Credit Suisse also upgraded CAT to Outperform from Neutral.
In August, Bank of America lifted their price target to $52 from $45, and reiterated their Buy rating.
Well Fargo analysts expect CAT to miss consensus, and they believe that a flat revenue forecast would be a short-term disappointment. Their FY09 EPS Estimates is $1.40, and Q309 EPS of $0.03. Wells also sees revenue declining about 44%, and EBIT margins will contract to 0%.
Caterpillar will issue its Q309 results via press release at approximately 7:30 AM (EDT) on October 20, 2009. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
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