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 world’s 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.
Click here for the SeekingAlpha report and click here for the full release.
