Fourth quarter sales and revenues at Caterpillar Inc. were $14.3 billion, an 11 percent increase over $12.9 billion a year ago.
Fourth-quarter 2018 profit was $1.78 per share, compared with a loss of $2.18 per share in the fourth quarter of 2017. Adjusted profit per share in the fourth quarter of 2018 was $2.55, compared with fourth-quarter 2017 adjusted profit per share of $2.16, up 18 percent.
Full-year sales and revenues in 2018 were $54.7 billion, up 20 percent from $45.5 billion in 2017. Full-year profit was $10.26 per share in 2018, compared with profit of $1.26 per share in 2017. Adjusted profit per share in 2018 was $11.22, up 63 percent compared with 2017 adjusted profit per share of $6.88.
Caterpillar expects 2019 profit to increase to a range of $11.75 to $12.75 per share, below Wall Street expectations.
“Our outlook assumes a modest sales increase based on the fundamentals of our diverse end markets as well as the macroeconomic and geopolitical environment,” said Caterpillar CEO Jim Umpleby in a statement.
Caterpillar’s results were hurt by a slowdown in sales in China, where economic growth has slowed to levels not seen in almost two decades amid a trade war with the United States, according to CNBC.
Caterpillar also said higher material and freight costs due to tariffs, steel prices and supply chain inefficiencies impacted its results, CNBC reported.