Caterpillar Shares Tumble on Weak Sales Despite Profit Gains

Caterpillar Inc. faces declining sales in key markets, overshadowing higher-than-expected profits in the first quarter of 2024.

Caterpillar's first-quarter revenue fell short of expectations, with total sales dropping across most regions except North America.
Despite lower sales, the company reported a profit of $2.86 billion, exceeding analyst estimates.
Shares of Caterpillar declined significantly, with a notable 7.4% drop in early trading on Thursday.
The company warns of continued sales declines in the upcoming quarters, particularly in construction and resource industries.
Caterpillar's energy and transportation division showed resilience, posting a 7% increase in sales.