The demand for gas has declined for the first time since the coronavirus pandemic started. FOX Business’ Jeff Flock with more.
Caterpillar profit fell 70 percent as the economic slowdown caused by COVID-19 slashed demand.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR INC. | 136.73 | -3.80 | -2.70% |
The Deerfield, Illinois-based heavy-equipment manufacturer earned $458 million, or an adjusted $1.03 per share, as revenue slid 31 percent from a year ago to $10 billion. Wall Street analysts surveyed by Refinitiv were anticipating adjusted earnings of 64 cents per share on revenue of $9.69 billion.
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“In the second quarter, our employees and dealers remained dedicated to providing the essential products and services the world needs under very challenging conditions,” CEO Jim Umpleby said in a statement. “We will adjust production as conditions warrant and are prepared to respond quickly to any positive or negative changes in customer demand.”
This story is developing. Check back for updates.
