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CAT

Caterpillar

$131.76

0.4 (0.30%)

13:50
10/23/17
10/23
13:50
10/23/17
13:50

On The Fly: What to watch in Caterpillar earnings report

Caterpillar (CAT) is scheduled to report results of its third fiscal quarter before the market opens on Tuesday, October 24, with a conference call scheduled for 11:00 am ET. What to watch for: 1. GUIDANCE: On July 25, Caterpillar reported results for its fiscal second quarter and raised its forecast for fiscal 2017. The company said it expected earnings per share, excluding-costs, to be about $5.00, up from the prior view of $3.75, against analyst expectations of $4.32 at that time. The company also raised its FY17 revenue guidance to $42B-$44B from $38B-$41B, against analyst consensus of $40.54B at that time. For FY17, Caterpillar said it expected profit per share of about $3.50 at the midpoint of the sales and revenues outlook range, or adjusted profit per share of about $5.00. The previous outlook for 2017 profit was about $2.10 per share at the midpoint of the sales and revenues outlook, or adjusted profit per share of about $3.75. The company now expects to incur about $1.2B of restructuring costs in 2017. The outlook does not include potential mark-to-market gains or losses related to pension and other post-employment benefit plans. 2. RETAIL MACHINES SALES: On August 18, Caterpillar reported retail machines sales in the three months ending in July were up 12%. For reference, retail sales of machines were up 7% in the period ending in June and up 8% in the period ending in May. The company reported world Resources Industries sales up 8% in the July-end period, compared to a June period decline of 1%. Construction Industries world sales were up 13% in the July-end period, better than the 10% increase in the June-end period. Total Energy & Transportation Retail Sales were down 2% in the July-end period, worse than the 1% increase seen in the June period. On September 21, Caterpillar reported retail machines sales in the three months ending in August were up 11%. For reference, retail sales of machines were up 12% in the period ending in August and up 7% in the period ending in June. The company reported world Resources Industries sales up 5% in the August-end period, compared to a July period increase of 8%. Construction Industries world sales were up 12% in the August-end period, a tick worse than the 13% increase in the July-end period. Total Energy & Transportation Retail Sales were down 3% in the August-end period, worse than the 2% decrease seen in the July period. On October 23, the company reported retail machines sales in the three months ending in September were up 13%. For reference, retail sales of machines were up 11% in the period ending in the prior month and up 12% in the period ending in July. The company reported world Resources Industries sales up 8% in the September-end period, compared to a August period increase of 5%. Construction Industries world sales were up 15% in the September-end period, better than the 12% increase in the prior period. Total Energy & Transportation Retail Sales were up 5% in the September-end period, better than the 3% decrease seen in the prior three-month period. 3. MANAGEMENT CHANGES: On August 1, Caterpillar announced that Chief Financial Officer Brad Halverson will retire in early 2018. The company added that it will launch a global, external search to fill the CFO position and Halverson's decision to continue working into early 2018 helps to ensure a smooth transition for the CFO position. On August 10, the company's board appointed former U.S. senator Kelly Ayotte to the board and will be a member of the Public Policy & Governance Committee of the board. Senator Ayotte's appointment was effective on that date. On August 11, the company appointed Suzette Long as the company's general counsel and corporate secretary. The group she will lead includes Caterpillar's Legal Services Division and Global Government & Corporate Affairs Division.

  • 24

    Oct

CAT Caterpillar
$131.76

0.4 (0.30%)

10/18/17
FBCO
10/18/17
NO CHANGE
Target $146
FBCO
Outperform
Caterpillar price target raised to $146 from $133 at Credit Suisse
Credit Suisse analyst Jamie Cook raised his price target for Caterpillar to $146 from $133 saying recent dealer survey results suggest Q3 surprising on the upside, and dealers seeing momentum continuing into 2018. The analyst reiterates an Outperform rating on the shares.
10/16/17
WELS
10/16/17
NO CHANGE
Target $150
WELS
Outperform
Caterpillar price target raised to $150 from $140 at Wells Fargo
Wells Fargo analyst Andy Casey raised his price target for Caterpillar to $150 from $140 on valuation. The analyst reiterates an Outperform rating on the shares.
10/12/17
GSCO
10/12/17
NO CHANGE
GSCO
Goldman Sachs Tactical Trades ahead of earnings
Goldman analysts led by John Marshall highlight some of the firm's most out-of-consensus opportunities ahead of the earnings season. The firm sees potential for upward earnings revisions to drive share upside in Caterpillar (CAT), ENGlobal (ENTG), McDonald's, (MCD) and Netflix (NFLX) and downwards earnings revisions to drive downside in Grainger (GWW), Cree (CREE), and Tesla (TSLA).
10/09/17
GSCO
10/09/17
NO CHANGE
GSCO
Caterpillar price target raised to $158 at Goldman Sachs
Goldman Sachs analyst Jerry Revich raised his price target on Caterpillar to $158 from $143, saying he sees about $9B of stock buybacks over the next three years, as well as upside to Caterpillar's "Construction Industries mid-cycle margin target," and "returns improvement opportunities" across the company's portfolio. Goldman Sachs has a Buy rating on Caterpillar shares.

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