Caterpillar 4Q sales slip, but results top Wall Street

Caterpillar’s fourth-quarter sales dropped 15%, with the pandemic continuing to sap construction equipment demand. Still, its performance topped Wall Street’s view, and shares rose nearly 3% before the market open Friday. Sales for the three months ended December 31 fell to $11.24 billion from $13.14 billion a year earlier. However, that managed to beat the $11.18 billion that analysts polled by Zacks Investment Research forecast. The Deerfield, Illinois-based company earned $780 million, or $1.42 per share, in the quarter. That’s down from $1.1 billion, or $1.97 per share, a year ago. Removing certain items, earnings were $2.12 per share. Wall Street expected $1.46 per share.