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2025-10-30 05:32:08
Caterpillar's third-quarter earnings and revenue both beat expectations, and its stock price surged in 16 years as demand for its power generation equipment from artificial intelligence data centers soared. The construction and mining equipment giant's energy and transportation division saw revenue grow 17% year-over-year in the third quarter, outpacing its traditional heavy machinery business. Dec Mullarkey, managing director of SLC Management, said the better-than-expected results confirmed market expectations of Caterpillar's key position in the energy sector. Caterpillar shares jumped 12% in New York on Wednesday, marking their biggest one-day gain since March 2009, closing at a record $585.49.
