{"id":7395,"date":"2023-10-31T04:05:37","date_gmt":"2023-10-31T04:05:37","guid":{"rendered":"https:\/\/infundpros.com\/markets\/caterpillar-earnings-will-be-all-about-the-backlog\/"},"modified":"2023-10-31T04:05:38","modified_gmt":"2023-10-31T04:05:38","slug":"caterpillar-earnings-will-be-all-about-the-backlog","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7395","title":{"rendered":"Caterpillar Earnings Will Be All About the Backlog"},"content":{"rendered":"
\n
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<\/p>\n

<\/p>\n<\/figure><\/div>\n

Machinery giant
\n Caterpillar
\n is slated to report third-quarter earnings on Tuesday morning. Results will tell investors a lot about how the economy is shaping up heading into 2024. <\/p>\n

Wall Street is looking for earnings per share of $4.80 from sales of $16.6 billion, according to FactSet. A year ago in the third quarter of 2022,
\n Caterpillar
\n (ticker: CAT) reported EPS of $3.95 from sales of $15 billion.<\/p>\n

\n

Sales are up because prices are higher and Caterpillar is shipping more equipment to customers. End markets have been recovering from Covid-related lows and supply-chain issues that constrained production and led to lower dealer inventories. <\/p>\n

While things are OK today, investors will be looking for insights about what comes next. <\/p>\n

\u201cIn a nutshell, during first quarter 2023 and second quarter 2023 [earnings reports], investor focus rested on potential margin upside from normalizing supply chains and price\/cost tailwinds,\u201d wrote Baird analyst Mig Dobre in an earnings preview report. \u201cAttention will now shift to backlog\/order progression.\u201d <\/p>\n

Cat ended the second quarter with a backlog of $30.7 billion, up from $30.4 billion in the first quarter and up from about $30 billion at the end of the third quarter of 2022. <\/p>\n

Management said on the second-quarter earnings conference call that dealer inventories increased by $600 million in the second quarter. <\/p>\n

Backlog and inventories will be scrutinized when Cat reports results. Economic weakness can lead dealers to stop ordering, pressuring backlog. Management hosts a conference call at 8:30 a.m. Eastern time. <\/p>\n

Dobre isn\u2019t optimistic about the coming update. He rates shares Sell and has a $232 price target for Cat stock. Overall, 42% of the analysts covering Cat stock rate shares Buy, according to FactSet. The average Buy-rating ratio for stocks in the
\n S&P 500
\n is about 55%. The average analyst price target for Cat is about $288 a share. <\/p>\n

Caterpillar stock is up about 12% over the past 12 months. The
\n S&P 500
\n and
\n Dow Jones Industrial Average
\n were up about 8% and 1%, respectively. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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