Caterpillar's Profits Increase Despite Flat Revenue

The maker of mining and construction equipment was able to grow its profits even as its top line remained flattish, as gains from the company's cost cutbacks and its locomotives and oil & gas equipment growth outweighed the impact from mining and construction weakness. Caterpillar's earnings per share grew 12%, to reach $1.63, driven by the rise in profits and lower share count. In the third quarter, CAT repurchased $2.5 billion of common stock.