Caterpillar released its third-quarter reports that missed Wall Street’s expectations as global growth concerns weigh on results.
Revenue: $ 12.8 billion vs. $ 13.41 expected
Adjusted Earnings per share: $ 2.66 versus $ 2.87 expected
The company's premarket shares price fell by 5.8% to $126.
According to Caterpillar, the primary driver of its revenue softness was a swing to a decline in dealer inventories during the third quarter over last year. Dealers decreased inventories by $400 million in the third quarter of this year, after having increased inventories by about $800 million in the year-ago period, Caterpillar said.
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