Caterpillar shares climbed 12% after the machinery giant reported better-than-expected third-quarter earnings. The surprise beat was driven by strong global construction activity, infrastructure spending, and industrial demand. Management raised its full-year guidance, highlighting backlog strength and cost control improvements. Analysts said the results indicate resilience in capital goods despite higher borrowing costs. The performance also signaled sustained demand from emerging markets and robust replacement cycles for heavy equipment. Caterpillar’s results lifted broader industrial sentiment, reinforcing optimism for cyclical recovery.