Shares of Caterpillar (NYSE:CAT) are down today despite reporting better-than-expected results for its first quarter of Fiscal Year 2023. Adjusted earnings per share came in at $4.91, which beat analysts’ consensus estimate of $3.80 per share. Sales increased by 16.9% year-over-year, with revenue hitting $15.9 billion. This was $630 million above expectations.
Order backlogs remained flat quarter-over-quarter but increased $3.9 billion when compared to Q1 2022. In addition, the adjusted operating profit margin jumped significantly on a year-over-year basis, going from 13.7% to 21.1%.
Overall, Wall Street analysts have a consensus price target of $242.40 on CAT stock, implying over 17% upside potential, as indicated by the graphic above.
