Caterpillar beats by $0.38, beats on revs; raises FY14 EPS guidance above consensus, narrows revs above consensus
Reports Q3 (Sep) earnings of $1.72 per share, excluding non-recurring items, $0.38 better than the Capital IQ Consensus Estimate of $1.34; revenues rose 0.9% year/year to $13.55 bln vs the $13.19 bln consensus.
- Co raises guidance for FY14, sees EPS of $6.50, excluding non-recurring items, vs. $6.26 Capital IQ Consensus Estimate, up from $6.20.
- Co narrows FY14 revs of $55 bln vs. $54.85 bln Capital IQ Consensus Estimate, from $54-56 bln
- Caterpillar's view of 2015 sales and revenues isn't significantly different than 2014.
- Despite cautious optimism for improved global economic growth, significant risks and uncertainties remain that could temper growth in 2015.
-
Co's preliminary outlook for 2015 expects sales and revenues to be flat to slightly up from 2014. 2015 revs consensus is $57.4 bln.
- Reason for the change in Q3 revenue-- Sales volume decreased $187 million primarily due to lower volume in Resource Industries and Construction Industries, partially offset by increased volume in Energy & Transportation. Favorable changes in price realization and currency and increases in Financial Products' revenues about offset the sales volume decrease.