Caterpillar reports 1Q results

Author:
Updated:
Original:

Caterpillar today reported sales and revenues for the first quarter of 2009 were $9.225 billion, down 22 percent from $11.796 billion in the first quarter of 2008.

The company reported a loss of 19 cents per share, down $1.64 per share from the first quarter of 2008. Excluding redundancy costs, first-quarter profit was 39 cents per share. Redundancy costs related to reducing employment were $558 million before tax or 58 cents per share in the quarter.

"These results demonstrate significant reduction in our cost structure as a result of swift deployment of the economic-trough strategy we introduced in 2005. I'm proud of Team Caterpillar's response to these challenging economic conditions," chairman and chief executive officer Jim Owens said in a statement.

"Our business units are making the tough decisions necessary to respond to this widespread and sharp global recession. By taking aggressive and decisive actions now, we're positioning the company not only for success in the short-term, but to be even more competitive in the long-term when the global economy recovers," he added.

The company said it expects 2009 sales and revenues to be around $35 billion, but that could increase of decrease up to 10 percent. The high degree of uncertainty in the global economy, the timing and impact of stimulus measures and the extent of dealer inventory reductions make it very difficult to forecast sales and revenues, making the outlook range wide, the company said.

"A great deal of uncertainty exists in the global economy, making it extremely difficult to know how our customers will respond during the remainder of 2009," said Owens. "We will take action to keep Caterpillar lean, while at the same time making strategic product and operational investments to position Caterpillar for long-term success when the economy does recover."

Caterpillar is a leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines.

Related

Distributor Expands ePropulsion Sales Territory

Mack Boring will now offer ePropulsion’s electric outboards in the entire North American and Central American markets.

Registration Still Open for NMMA Webinar

The March 4 State of the Industry webinar includes the presentation of the Marine Industry Customer Satisfaction Index Awards and the Alan J. Freedman Award.

Rollick Secures $8.5 million in Funding

The market strategists said Web traffic in the third quarter of 2020 was up 245 percent on a year-over-year basis.

Time to Cry Foul Over Erie Canal Changes

An act has been introduced in the waning days of New York’s annual budget process that allows no opportunity for public input.

Service to Send $1 Billion to State Wildlife Agencies

U.S. Fish and Wildlife Service will distribute funds to states to bolster conservation projects and recreational opportunities.

Quick Hits: March 1, 2021

Safe Harbor Newport Shipyard adds SF Marina floating dock array.

Patrick Supports Care Camps

The outdoors camps for children with cancer receive a first-time gift and marketing support from Patrick Industries.

Brunswick Creates Autonomy Position

The company promoted Jason Arbuckle to marine autonomy technology lead, with a focus on incorporating autonomous and driver-assist features into its product line.