NEW YORK (AP) — Caterpillar's 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 analysts' estimates.
Shares climbed in premarket trading Monday.
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.