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Caterpillar's Q3 Earnings Miss Estimates, Profit Outlook Lowered

Caterpillar (NYSE:CAT) released its third-quarter results. The results, as expected, were weak and highlighted the challenging macro environment CAT is currently operating in. Indeed, the outlook for CAT's end markets remains bearish and the company also lowered its profit forecast for 2015 on higher-than-expected restructuring costs. While there were hardly any positives in the earnings report, CAT shares rose nearly 3% on Thursday. CAT shares probably benefited from the rally in the broader market. But as I have noted before, the challenging environment CAT is operating in is already priced into the stock.

Caterpillar's earnings for the third quarter, excluding restructuring costs, were $0.75 per share. In the same period last year, the equipment maker had reported adjusted earnings of $1.72 per share. Third-quarter earnings fell short of consensus forecast. Sales were $11 billion, compared to $13.5 billion reported in the third quarter of 2014.

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