NEW YORK - Caterpillar's (CAT) fourth-quarter net income rose compared with results weighed down by a large impairment charge a year ago. Its results topped Wall Street's view.
The Peoria, Ill. based company's board
approved a new $10 billion buyback, and provided a 2014 forecast above
Shares climbed in premarket trading
For the period ended Dec. 31,
Caterpillar Inc. -- which makes mining gear, construction and forestry equipment
and large power generators -- earned $1 billion, or $1.54 per share. That
compares with $697 million, or $1.04 per share, a year earlier.
The prior-year period included an
impairment charge of 87 cents per share, partially offset by a tax settlement
of 45 cents per share.
Revenue declined 10 percent to $14.4
billion from $16.08 billion.
Analysts surveyed by FactSet expected
earnings of $1.27 per share on revenue of $13.41 billion.