Courtesy of Benzinga
Caterpillar (NYSE: CAT) reported third-quarter earnings of $2.66 per share, which missed the analyst consensus estimate of $2.89 by 7.96%. This is a 6.99% decrease over earnings of $2.86 per share from the same period last year.
The company reported quarterly sales of $12.8 billion, which missed the analyst consensus estimate of $13.49 billion by 5.11%. This is a 5.26% decrease over sales of $13.51 billion the same period last year.
Caterpillar is also lowering its full-year profit per share outlook range to $10.90 to $11.40, compared to the previous outlook which was at the low end of the $12.06 to $13.06 range. The revised guidance now assumes modestly lower sales in 2019.
“In the fourth-quarter, we now expect end-user demand to be flat and dealers to make further inventory reductions due to global economic uncertainty,” said Jim Umpleby, CEO of Caterpillar.
“Caterpillar’s improved lead times, along with these dealer inventory reductions, will enable us to respond quickly to positive or negative developments in the global economy in 2020. We are expanding our offerings and investing in services, including digital capabilities, to drive long-term profitable growth, while continuing to achieve our investor day targets for improved financial performance.”
Caterpillar shares were trading down 3.99% at $128.35 in Wednesday’s pre-market session. The stock has a 52-week high of $144.77 and a 52-week low of $111.75.
Posted-In: Earnings News Guidance Pre-Market Outlook Best of Benzinga
