Caterpillar(US:CAT) 智通财经网·2025-10-29 12:40Core Insights - Caterpillar Inc. reported stronger-than-expected Q3 earnings, driven by significant growth in revenue and earnings per share, aided by the AI boom [1] - The company's revenue from its energy and transportation segment surged, reflecting increased demand for core power and storage equipment needed for large AI data centers [1][4] Financial Performance - Adjusted earnings per share for Q3 reached $4.95, exceeding Wall Street's average expectation of $4.51 [1] - Total revenue from Caterpillar's main operating segments grew by 10% to $16.7 billion, with the energy and transportation segment being the strongest performer [1] - Consolidated revenue, including financial products, was approximately $17.6 billion, also showing a 10% year-over-year increase, surpassing Wall Street expectations [1] Market Dynamics - The AI-driven demand for energy equipment has positioned Caterpillar as a significant beneficiary of the current AI trend, with orders and shipments for generators and storage equipment increasing [3][4] - Goldman Sachs has revised its forecast for global data center electricity demand, predicting a 175% increase by 2030, highlighting the growing need for power supply driven by AI [4][5] Future Outlook - Caterpillar anticipates recording tariff costs between $650 million and $800 million in Q4, lower than the previously expected $1 billion [3] - The company maintains its annual adjusted operating profit margin guidance, despite the anticipated negative impact from tariffs [3]