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Caterpillar shares up 2% premarket as profit tops estimates, while sales fall slightly short

Caterpillar Inc.
CAT,
-1.76%

shares rose about 2% in premarket trade Thursday, after the maker of equipment for the construction and energy industries swept pass profit estimates for the third quarter. Deerfield, Ill.-based Caterpillar posted net income of $1.43 billion, or $2.60 a share, up from $1.22 a share in the year-earlier period. Adjusted per-share earnings came to $2.66, well ahead of the $2.20 FactSet consensus. Sales climbed to $12.4 billion from $9.9 billion, below the $12.6 billion FactSet consensus. CEO Jim Umpleby said sales rose across the company’s three primary segments and in all regions, despite supply-chain challenges. Shares have gained 8% in the year to date, while the S&P 500
SPX,
-0.51%

has gained 21%.

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