Caterpillar Inc (NYSE: CAT) reported fourth-quarter 2020 financial results before the regular market hours on Friday. The construction equipment company reported fourth-quarter revenue of $11.235 billion, down 15% year-over-year and slightly below the Wall Street projection of $11.25 billion.
Sales were lower across the three primary segments, with the largest decline in Energy & Transportation. This was mostly due to lower sales volume driven by lower end-user demand for equipment and services.
Meanwhile, net income of $2.12 per share was well above what analysts had anticipated, helped by cost optimization measures.
CAT shares rose 2.5% immediately following the announcement. The stock has rallied 35% in the trailing twelve months.