Caterpillar sees modest improvement in third-quarter 2020 sales and revenue

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DEERFIELD, Ill. (WMBD) — Caterpillar released its financial results for the third quarter of 2020.

This year’s third quarter had sales and revenue of $9.9 billion, which is a 23% decrease compared to the $12.8 billion in 2019. The decline was mostly due to lower sales, because of a lower demand for equipment and services.

Profit per share also decreased by 54%, with stock share at $1.22, compared to the $2.66 per share in the third-quarter from last year.

Profit per share included pre-tax measurement losses of $77 million, or 12 cents per share. The shares benefited from lower than expected taxes.

Operating profit margin was 10% for the third-quarter, which is compared to the 15.8% for the third-quarter of 2019.

Caterpillar ended the third quarter with $9.3 billion of enterprise cash and more than $14 billion of available liquidity sources.

“I’m proud of our global team’s performance as we continue to safely navigate the pandemic while remaining firmly committed to serving our customers,” said Caterpillar Chairman and CEO Jim Umpleby.

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