Caterpillar Records Smaller 1Q Profit Amid Lower Demand
28 April 2020 - 1:16PM
Dow Jones News
By Matt Grossman
Caterpillar Inc. on Tuesday reported a smaller profit in the
first quarter as demand for its construction machines declined and
dealer inventories expanded at a slower pace.
The Deerfield, Ill.-based company's net profit was $1.09
billion, or $1.98 a share, a decline from $1.88 billion, or $3.25 a
share, in 2019's first quarter.
Caterpillar's adjusted profit was $1.60 a share. Analysts were
expecting an adjusted profit of $1.69, according to FactSet.
Revenue was $10.64 billion, down from $13.47 billion a year
earlier. Analysts had forecast revenue of $11.08 billion.
The pace of dealer-inventory expansion declined significantly in
the quarter, Caterpillar said. Dealers added $100 million of
inventory during the period, compared with $1.3 billion in the
first quarter of 2019.
Caterpillar withdrew its full-year guidance last month amid
uncertainty from the Covid-19 pandemic. The company's sales
declined in the Asia-Pacific region in the first quarter, pulled
down by lower demand in China because of the Covid-19 pandemic, the
company said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 28, 2020 07:01 ET (11:01 GMT)
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