On Monday, construction equipment-maker Caterpillar (CAT) posted quarterly earnings that topped Wall Street forecasts, sending CAT stock up more than 6% in morning trading.
CAT stock jumped after Caterpillar said it earned $1 billion during the fourth quarter. That’s up from a profit of $697 million in the year-ago period. EPS came in at $1.54, easily beating the profit of $1.28 per share of CAT stock that analysts had expected, Reuters noted.
Quarterly revenue was $14.4 billion, down 10% year-over-year, but that was still better than the $13.6 billion that analysts had anticipated, helping to boost CAT stock on Monday.
The CEO of Caterpiller noted that CAT detected “some signs of improvement in the world economy,” but would continue to cut costs in the face.
CAT stock has declined more than 11% over the past twelve months as lackluster economic conditions around the world battered equipment sales.