Caterpillar falls into the red in fourth quarter, records $87M loss
Company cut 5,000 jobs in Sept, and said more cuts were possible as key markets struggle
Caterpillar reports 4Q loss (Caterpillar-reports-4Q-l)
Jan 28 13:37 – The Associated Press (APR)
PEORIA, Ill.—Caterpillar Inc. on Thursday reported a fourth-quarter loss of $87 million, after reporting a profit in the same period a year earlier.
The Peoria, Illinois-based company said it had a loss of 15 cents per share. Earnings, adjusted for restructuring costs, came to 74 cents per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.
The construction equipment company posted revenue of $11.03 billion in the period, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $11.28 billion.
Caterpillar expects full-year revenue in the range of $40 billion to $44 billion.
Caterpillar shares have dropped 14 per cent since the beginning of the year, while the Standard & Poor’s 500 index has fallen roughly 8 per cent. The stock has fallen 27 per cent in the last 12 months.
Last September, the company cut 5,000 jobs as it faced off against downturns in key markets. It said cuts could reach 10,000 by 2018.