Real Money Stock of the Day Caterpillar (CAT) - Get Report released earnings before the bell Wednesday. And boy, they weren't pretty if you're taking a look at what the Street was expecting from the company.
Caterpillar reported adjusted earnings of $2.83 per share, up just 1 penny from last year and well below the $3.11 analyst expectations.
Jim Cramer weighed in on Caterpillar's earnings.
"They did keep the guides the same. They did put more of the restructuring this quarter, but they're talking about oil and gas has to be higher. Oil prices are higher. And that may not happen. China's only five to 10%. They do have too much inventory. You have to work that off. I think that they over-promised and they under-delivered, frankly. I think Umpleby is right. That's why we want to stick by it and buy it at $130. Because then you've got Umpleby de-risked. But they should have done better. Should have done better and I think they will," said Jim Cramer.
Cramer said, however, that he looked into his crystal ball and did his homework and thinks that this is going to be Caterpillar's last "not-so-great" quarter.