Demand for equipment falls, but Caterpillar has strong 3Q

DEERFIELD, Ill. (AP) — Caterpillar is reporting a third-quarter profit of $668 million and topped most expectations, though demand for its equipment is being driven down by the pandemic.

The Deerfield, Illinois, company reported a profit Tuesday of $1.22 per share. Earnings, adjusted for non-recurring costs, came to $1.34 per share.

That's way better than the per-share projections of $1.15 on Wall Street, according to a survey by Zacks Investment Research.

Revenue was $9.88 billion, also beating expectations.

Caterpillar shares have increased 11% since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 5%. The stock has increased 22% in the last 12 months.

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A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAT at https://www.zacks.com/ap/CAT