Investors are looking to the industrial giant's results to gauge the coronavirus's impact on the construction and mining sectors.
An employee assembles an excavator at the Caterpillar Inc. manufacturing facility in Victoria, Texas.experienced a sales drop of 21% in the first quarter as the coronavirus pandemic disrupted demand for construction and mining.
Shares of Caterpillar rose about 0.7% in premarket trading on Tuesday following the quarterly results. "We have taken decisive actions to enhance our strong financial position, while continuing to execute our strategy for profitable growth," Caterpillar chairman and CEO Jim Umpleby said in a statement. "Caterpillar has faced and overcome many challenges in our 95-year history. Our goal is to emerge from the pandemic an even stronger company."
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