Caterpillar earnings top expectations, but CEO warns about global economic uncertainty

  • Caterpillar’s quarterly earnings came in at $2.63 per share adjusted, compared to an estimate of $2.37 per Refinitiv.
  • Its revenue fell 8% year-over year and missed expectation.
  • CEO and chairman Jim Umpleby noted persisting risks around the world that weighed on the company’s revenue. 

Shares of Caterpillar fell on Friday after reporting a revenue miss in the fourth quarter, citing “global economic uncertainty.”

Industrial giant’s quarterly earnings came in at $2.63 per share adjusted, compared to an estimate of $2.37 per Refinitiv. However, its revenue fell 8% year-over year to $13.144 billion, below the estimate of $13.412 billion. CEO and chairman Jim Umpleby noted persisting risks around the world that weighed on the company’s revenue.

“We expect continued global economic uncertainty to pressure sales to users in 2020 and cause dealers to further reduce inventories,” Umpleby said in a statement. “We have improved our lead times and remain prepared to respond quickly to any positive or negative changes in customer demand.”

Source: https://www.cnbc.com/2020/01/31/caterpillar-earnings-come-in-at-2point63-vs-2point37-eps-expected.html

You may like

In the news
Load More