Record Caterpillar surges in pre-market on strong earnings

Caterpillar reported today Q4 and full-year 2023 results that were materially better than expected in terms of earnings.

Stock up +5.7% to $333 in pre-market trade – its stock is in record territory right now.

Highlights:

– Operating profit margin was 18.4% in Q4 23 vs 10.1% in Q4 22

– Adjusted operating profit was 18.9% in Q4 23 vs 17% one year earlier during the same period

– Q4 23 profit per share was $5.28 vs $2.79 in Q4 22.

– Adjusted profit per share in Q4 23 was $5.23 vs $3.86 one year earlier during the same period

According to Seeking Alpha, Q4 non-GAAP EPS of $5.23 was $0.48 higher than consensus, while revenues were in line.