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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Caterpillar Inc | NYSE:CAT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-3.50 | -1.05% | 331.07 | 338.495 | 330.74 | 333.38 | 3,520,822 | 01:00:00 |
By Chelsey Dulaney
Caterpillar Inc. on Tuesday gave a disappointing outlook for 2015, citing plummeting commodity prices, as the heavy-machinery maker also reported earnings for the fourth quarter that missed expectations.
Caterpillar said it expects to post per-share earnings of $4.75 a share on revenue of $50 billion for the year. Analysts polled by Thomson Reuters had projected $6.67 a share in earnings on $55 billion in revenue.
The company said tumbling oil, copper and coal prices will weigh on its sales for the year. Caterpillar is a big supplier of engines to the oil and gas industry. The company has said the recent plummet in oil prices could put a chill on the oil industry, hurting demand for Caterpillar engines used in oil exploration and production.
Meanwhile, Caterpillar has focused on controlling costs as global economic growth has remained sluggish.
Overall, Caterpillar posted a profit of $757 million, or $1.23 a share, down from $1 billion, or $1.54 a share, a year earlier. Excluding restructuring costs, per-share earnings were $1.35.
Revenue edged down to $14.2 billion from $14.4 billion a year earlier.
Analysts polled by Thomson Reuters had projected $1.55 a share in earnings and $14.2 billion in revenue.
Machinery, energy and transportation sales fell 1%.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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