Caterpillar earnings come in at $2.63, vs $2.37 EPS expected, but shares fall
Industrial giant's quarterly earnings came in at $2.63 per share adjusted, compared to an estimate of $2.37 per Refinitiv. Its revenue was in line with expectations at $13.11 billion but fell 8% year-over year. CEO and chairman Jim Umpleby noted persisting risks around the world that weighed on the company's revenue.
"We expect continued global economic uncertainty to pressure sales to users in 2020 and cause dealers to further reduce inventories," Umpleby said in a statement. "We have improved our lead times and remain prepared to respond quickly to any positive or negative changes in customer demand." The heavy machinery manufacturer's stock edged up 1% in premarket trading Friday. Still, Caterpillar shares have fallen nearly 10% in January alone, following a 16% gain last year.
At the height of the U.S.-China trade war last year, Caterpillar's profits took a big hit from higher material costs, including tariffs.
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