Caterpillar shares fell nearly 12% at their intraday low on October 29 as an unchanged annual sales forecast overshadowed stronger quarterly profit. The selloff extended a sharp premarket decline, despite record orders at the construction and power-equipment maker.
CAT touched $631.01, about 11.5% below its previous close of $713.38, before recovering to $662.05 at 10:31 a.m. Eastern, according to market data. The near-12% figure describes the session’s low rather than a closing decline; U.S. trading was still underway.
Caterpillar’s earnings release showed third-quarter sales and revenues up 17% to $20.7 billion. Adjusted profit rose to $7.20 a share from $4.95 a year earlier, while the adjusted operating margin widened to 20.6% from 17.5%.
The company nevertheless retained its forecast for mid-to-high-teens revenue growth in 2026 and annual tariff costs of around $2.2 billion, Reuters reported. Its backlog reached $78.1 billion, up $6 billion from the previous quarter, but the increase was slower than earlier in the year.
Power-generation demand remained an important source of growth. Power & Energy sales increased 18% to $8.78 billion, supported in part by large engines used in data centers. As our earnings coverage explains, that expansion came alongside higher equipment sales, tariff-related costs and a stronger order book.
