Estimates are made by a bunch of drunk fools. Who cares what analysts have guessed at? Idiot hedge funds of course. Hedge funds are so smart their return this year is minus 2.2%. For all the games they play that is pretty sad. CAT is growing rapidly and that is all that matters.
To be fair and true to the reported numbers, you have to base your calculations off of the fully diluted earnings. Fully diluted is to keep the BUCY charge in place. The headlines are pumping the number with the BUCY charge removed making it look like the earnings were much closer to estimates. If they really did get hit with the charge, you have to calculate it into the earnings. We know that the charge is only temporary and represents a great move for the company, but the charge is there nonetheless.
Lets not bury our heads in the sand here guys-- like it or not, the true EPS was posted by CAT. This is not going to be a move lower because the market is moving lower and can thus be waited out or traded around, but because P/E calculations now have to be changed in the models of the big money players.