Caterpillar Posts Higher-Than-Expected Profit, But Warns 2020 Pressures
31 Januar 2020 - 1:34PM
Dow Jones News
By Amber Burton
Caterpillar Inc. reported a better-than-expected adjusted profit
for the latest quarter, but guided for 2020 earnings below Wall
Street's forecast as global uncertainty pressures sales.
The Deerfield, Ill.-based maker of bulldozers and excavators
said revenue fell about 8% to $13.14 billion from $14.34 billion a
year earlier. Analysts had expected $13.48 billion in revenue in
the quarter.
The company said dealers decreased machine and engine
inventories by about $700 million in the quarter, compared with a
$200 million increase a year earlier.
"We expect continued global economic uncertainty to pressure
sales to users in 2020 and cause dealers to further reduce
inventories," Chairman and Chief Executive Jim Umpleby said in
prepared remarks.
For 2020, the company said it expects its 2020 profit to range
between $8.50 and $10 a share. Analysts have forecast earnings of
$10.52 a share, or $10.60 on an adjusted basis.
The company reported a quarterly profit of $1.1 billion, or
$1.97 a share, compared with $1.05 billion, or $1.78 a share, a
year ago. The company posted adjusted earnings of $2.63 a share.
Analysts polled by FactSet were expecting adjusted earnings of
$2.38 a share.
(END) Dow Jones Newswires
January 31, 2020 07:19 ET (12:19 GMT)
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