Short-seller James Chanos said he’s still betting against Caterpillar Inc. despite the company’s better-than-expected quarterly results.

Mr. Chanos, founder of hedge fund Kynikos Associates, said in July that he was shorting the world’s biggest maker of construction and mining equipment. Even after Caterpillar shares rallied 5.9% Monday following the company’s quarterly results, Mr. Chanos said he’s still betting against the stock.