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Shares of Caterpillar fell in early trading after the construction-equipment maker issued an underwhelming sales outlook for the current fourth quarter.
The view came after Caterpillar posted higher earnings and revenue in the third quarter, driven by higher prices and volumes, though machinery and engine sales in Latin America fell 13%.
CEO Jim Umpleby said falling order backlogs arose from shorter lead times for filling orders, and didn’t indicate slowing machinery demand. “We do expect another good year in 2024,” he said on a conference call.