What impacted CAT's revenue cost in Q3 2024?

Caterpillar Inc.'s (CAT) revenue cost in Q3 2024 was impacted by several key factors: 1. **Decrease in Sales Volume**: The primary reason for the revenue decline was a decrease in sales volume, which was mainly driven by the impact from changes in dealer inventories. This decrease in sales volume negatively affected the company's revenue, as evidenced by the lower sales figures reported for the quarter. 2. **Impact of Dealer Inventories**: The fluctuations in dealer inventories significantly influenced Caterpillar's sales and revenue. In Q3 2024, dealer inventory decreased, which had a direct impact on the sales volume and, consequently, the revenue generated. This decrease in dealer inventories was a contributing factor to the revenue surprise, which was -174 million. 3. **Market Conditions and Sector Performance**: The performance of Caterpillar's end markets, including construction, mining, and energy, also played a role in shaping the revenue cost. While the energy and transportation segments showed some growth, the construction and resource industries experienced declines, which affected the overall revenue. In summary, the revenue cost for Caterpillar in Q3 2024 was primarily impacted by a decrease in sales volume, influenced by changes in dealer inventories, and the performance of its key business segments.