Caterpillar: US demand boosts earnings

CATERPILLAR posted third-quarter earnings and sales that beat analysts’ estimates as the recovery in North American building drove higher demand for excavators and bulldozers. Net income rose to $1.63 (R17.97) a share from $1.45 a year earlier, the construction equipment maker said yesterday. Excluding one-time items, profit was $1.72, surpassing the $1.35 average of compiled estimates. Sales rose to $13.5 billion from $13.4bn, more than the average estimate of $13.2bn. The company also raised its forecast for full-year earnings excluding one-time items to $6.50, from $6.20 previously. Shares rose in pre-market trading. Construction should be positive for 2015, Stephen Volkmann, an analyst at Jefferies, said. – Bloomberg