Caterpillar Inc. (NYSE: CAT) shares rose on Wednesday after the heavy-equipment maker reported quarterly results that exceeded Wall Street expectations, powered by strong demand in its energy and transportation businesses. The stock was recently trading at $524.47, down slightly intraday after earlier gains, as investors digested the company's upbeat third-quarter report.
Caterpillar posted adjusted earnings per share of $4.95, beating analyst estimates of around $4.52 to $4.55, according to Reuters. Revenue came in at $17.6 billion, also topping forecasts of roughly $16.8 billion. Much of the strength came from the company's energy and transportation unit, where sales climbed 17% to $7.2 billion, driven by demand for power generation and mining equipment. The construction segment also grew about 7% to $6.76 billion.
