CAT - Caterpillar CEO Highlights Expanding Market Opportunity Driven By Secular Growth In Cloud Computing Gen AI | Benzinga
Caterpillar Inc (NYSE:CAT) shares hit new all-time highs on Monday on the heels of the company’s strong quarterly results. Following the print, Caterpillar chairman and CEO Jim Umpleby highlighted the opportunities ahead of the heavy equipment manufacturer.
What To Know: Caterpillar revenues were up 3% in the fourth quarter and up 13% for 2023 compared to the prior year. The company blew out earnings estimates and reported an 87% year-over-year increase in operating profits.
Mining equipment sales and higher machinery prices helped boost overall numbers. Spending on heavy machinery remained steady for commercial customers. Dealer inventories also fell for the first time in about a year.
“The ...