Caterpillar Sales Slide on Weak Industrial Demand

Core Insights - Caterpillar missed third-quarter earnings and revenue forecasts due to a pullback in demand from the industrial sector [1] - The company anticipates full-year sales and revenue will be "slightly lower" than previous guidance [1] Financial Performance - Third-quarter adjusted earnings per share (EPS) were reported at $5.17, with revenue declining 4% year-over-year to $16.11 billion, missing consensus estimates [1] - Sales in the Construction Industries unit dropped 9% to $6.35 billion, while Resource Industries segment sales fell 10% to $3.03 billion [1] - Energy & Transportation division saw a 5% increase in sales to $7.19 billion due to higher volumes and prices [1] Future Outlook - Caterpillar's 2023 revenue is projected at $67.06 billion, slightly above analysts' expectations of $65.84 billion [1] - The company indicated that full-year sales and revenue will be "slightly lower" than previously guided figures [1]