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Caterpillar reported declining revenue at the end of last year and forecast lower 2020 profit than expected as user demand remains weak amid global economic worries fueled partly by the U.S. trade battle with China.
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The Deerfield, Illinois-based equipment maker earned $1.1 billion, or $1.97 a share, as sales fell 8.4 percent year-over-year to $13.1 billion, trailing Wall Street projections. Excluding items such as pension-plan losses and tax-reform impact, earnings amounted to $2.63 a share, topping the $2.38 average estimate from analysts surveyed by Refinitiv
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR INC. | 135.37 | -0.41 | -0.30% |
“We expect continued global economic uncertainty to pressure sales to users in 2020 and cause dealers to further reduce inventories,” Caterpillar CEO Jim Umpleby said in a statement.
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