Shares of Caterpillar ( CAT -4.04%) slumped a little over 5% Thursday morning and were still trading around 4.8% lower as of 12:30 p.m. ET.

Caterpillar delivered better-than-expected earnings per share but faced softer-than-anticipated revenue.

Adjusted operating profit margin for 2025 is anticipated to remain in the top half of the target range. ME&T free cash flow is projected to be in the upper half of the $5 billion to $10 billion range.

After a mixed Q4 earnings report, Caterpillar expects lower sales in 2025, contrary to analyst forecasts. CAT stock weighed on the Dow Jones early Thursday.