Caterpillar is slated to release Q1 results tomorrow morning with a conference call scheduled to begin at 8:30 a.m. ET.

As it stands, the Capital IQ Consensus Estimate calls for EPS of $1.88 (vs $1.60 a year ago) on sales growth of +3.4% to $11.00 bln.

We'll look for comments about the supply chain on the call, but CAT doesn't appear to be reeling from any shortage on demand; year-end order backlog as of Dec. 31, 2020 was +3.6% yr/yr to $14.2 bln.

TECHS:

CAT steps into the Q1 print showing a $126 bln market cap, trading at roughly 27.3x forward earnings estimates, a modest premium vs peers Deere (DE at 23.4), CNH Industrial (CNHI at 18.5x), and Oshkosh (OSK at 18.2x). The run-up may be tricky this quarter, as the stock has now added more than +160% off the March 2020 lows, and holds nearly +26% gains YTD vs the XLI's +15% advance this year.

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