Caterpillar expected to report 1Q profit dropPosted on
Caterpillar is expected to report its second consecutive drop in quarterly profits for the first time since 2009 when it reports first-quarter earnings.
Caterpillar has been hurt by an “over-supplied commodity environment” and a slowdown in China’s industrial economy, SeekingAlpha.com reported Goldman Sachs’ Jerry Revich as saying. Earnings per share is forecast to slump to $1.46 from $2.37 last year and revenue to drop 13.6 percent, to $13.80, according to Bloomberg.
Caterpillar, the worlds largest maker of construction equipment, said it will release first-quarter financial results at 6:30 a.m. CDT on April 22.
A real-time, listen-only teleconference of the quarterly results call that Caterpillar conducts with securities analysts and institutional investors will begin at 10 a.m. CDT that day.