CATERPILLAR PROFIT SURGES ON EQUIPMENT DEMAND
Caterpillar Inc.’s third-quarter profit surged on demand for construction equipment, topping expectations. The Peoria, Ill.based company boosted its guidance, citing strong oil and gas markets in North America along with construction in China. Profit nearly quadrupled to $1.06 billion, or $1.77 a share. Earnings, adjusted for restructuring costs, came to $1.95 a share. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of
$1.22 a share. Revenue surged 25% to
$11.41 billion.