Caterpillar (CAT:NYSE) and UPS (UPS:NYSE) reported before the bell on Tuesday. CAT designs, manufactures, markets, and finances heavy equipment for the construction, mining and forestry industries. The industrial behemoth’s results are obviously aligned with macroeconomic conditions and capital expenditures related to construction and mining. While Q4 sales beat estimates, EPS (earnings per share) was hurt by foreign exchange headwinds on non-U.S. operations. CAT shares were lower by 5.3% as of Friday’s close however, we are inclined to view this minor sell-off as short-term profit taking. CAT shares recently hit a new all-time high (January 27, 2023) and the share price has increased by 52.5% since its recent low last September.
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By Charles Marleau CIM® and William Mitchell CIM®
By Charles Marleau CIM® and William Mitchell CIM®
