Caterpillar CEO: Overall demand remains healthy

<p>Caterpillar announced earnings today:</p><ul><li>EPS $5.23 versus expected $4.75</li><li>revenues $17.1 billion versus $17.1 billion expected</li></ul><p>In addition, the company said that fiscal year 2024 revenues seen broadly similar to 2023 (+0.5%).</p><p>The company CEO is now saying:</p><ul><li>Overall demand remains healthy across most of the end markets for products and services</li><li>He warns that within APAC ex China, they are in softening of economic conditions</li><li>He also warns that because of supply chain constraints, they are not running at top efficiency</li><li>Supply chain constraints have started to ease, but still dealing with some constraints</li><li>Price increases will exceed manufacturing costs for the year</li></ul><p>Of note is that the infrastructure spending initiatives are still being stimulative as is the funding for the Chips Act. </p><p>Shares of Caterpillar are trading up $14.82 or 4.70% in premarket trading at $329.91. That is new all-time highs for the industrial machinery producer.</p>

This article was written by Greg Michalowski at www.forexlive.com.