Caterpillar Inc.'s third-quarter earnings are lower than this time last year, but earnings surpassed Wall Street expectations.
Cat reported its numbers before the opening bell today that show the company generated a net income of $651 million in the third quarter. That’s down $2 million from third quarter last year of $559 million. The company posted Q-3 earnings of 85 cents per share, which beat analyst estimates of 77 cents per share.
Revenues and earnings for the quarter came in at $9.2 billion -- a decrease from $11 billion in 2015. Caterpillar says in a news release it projects full year earnings to be $3.25 per share and revenue to be $39 billion.