Shares of Caterpillar dropped 5 percent even after it reported record third-quarter profit as well as revenue that beat analysts' expectations on Tuesday. Investors were focusing instead on its disappointing 2018 guidance and management's comments about rising costs from tariffs.
Here's how the company did compared to what Wall Street expected:
- Earnings: $2.86 per share excluding items vs. $2.85 per share forecast by analysts polled by Refinitiv
- Revenue: $13.51 billion vs. $13.29 billion forecast by analysts polled by Refinitiv
The company reiterated its prior 2018 EPS guidance range of $11.00 to $12.00 adjusted. The lower range of that forecast fell short of the $11.65 EPS estimated by analysts, according to Refinitiv. Caterpillar also said it is facing higher material and freight costs, including tariffs, but that those effects are offset by operational performance and "cost discipline."
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