Caterpillar Inc

CAT: XNYS (USA)

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Caterpillar Earnings: Tariffs a Major Potential Monkey Wrench in Otherwise Improving Outlook

George Maglares

Apr 30, 2025

Caterpillar’s first-quarter 2025 results showed some green-shoots across its portfolio with a $5 billion backlog increase and a slightly better full-year outlook compared with last quarter excluding a potential tariff impact. The earnings call was CEO Jim Umpleby’s farewell performance as the company announced on April 15 that he is handing the reins to COO Joe Creed and transitioning to executive chairman. Creed has been a key player in Caterpillar’s efforts to diversify end markets and capture more of its profit pool via services, which we expect to continue.

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Caterpillar Inc

Caterpillar Earnings: Tariffs a Major Potential Monkey Wrench in Otherwise Improving Outlook

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