Corporate America issued a string of quarterly earnings results yesterday that exceeded Wall Street's expectations, reflecting how big US companies have cut costs faster than revenues have fallen.
Caterpillar, an industrial bellwether that is the world's biggest maker of earth-moving equipment, led the pack.
Excluding a one-off tax windfall, it made net profits of $275m or 48 cents per share in the three months to the end of September, down from $868m or $1.39 per share a year earlier but far above analysts' average forecasts of 6 cents per share.
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