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Caterpillar profit falls
Source: Agencies |
July 22, 2009, Wednesday
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CATERPILLAR Inc, the world's largest maker of construction and mining equipment, said yesterday its second-quarter profit tumbled 66 percent as the recession continued to erode sales of its machines and engines.
But the results blew past Wall Street's expectations and the company boosted its 2009 profit forecast, saying it is seeing signs of stabilization it hopes will lead to economic recovery. It also sees indications that government stimulus plans "are beginning to work."
The Peoria, Illinois-based company, a component of the Dow Jones Industrial Average, said its quarterly profit slid to US$371 million, or 60 US cents per share, for the three months ended June 30. That compares with US$1.11 billion, or US$1.74 per share, in the year-earlier period.
Revenue dropped 41 percent to US$7.98 billion. Analysts surveyed by Thomson Reuters, on average, had expected revenue of US$8.86 billion.
The drop in net income reflects the weak global economy and prices for commodities such as iron ore.
But the results blew past Wall Street's expectations and the company boosted its 2009 profit forecast, saying it is seeing signs of stabilization it hopes will lead to economic recovery. It also sees indications that government stimulus plans "are beginning to work."
The Peoria, Illinois-based company, a component of the Dow Jones Industrial Average, said its quarterly profit slid to US$371 million, or 60 US cents per share, for the three months ended June 30. That compares with US$1.11 billion, or US$1.74 per share, in the year-earlier period.
Revenue dropped 41 percent to US$7.98 billion. Analysts surveyed by Thomson Reuters, on average, had expected revenue of US$8.86 billion.
The drop in net income reflects the weak global economy and prices for commodities such as iron ore.
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