Caterpillar posts US$1b loss

Caterpillar posts US$1b loss

Caterpillar Inc reported a loss of US$1.17 billion in its fourth quarter.

On a per-share basis, the Peoria, Illinois-based company said today it had a loss of US$2. Earnings, adjusted for non-recurring costs and asset impairment costs, were 83 US cents per share.
The results beat Wall Street expectations.

The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 65 US cents per share.

The construction equipment company posted revenue of US$9.57 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected US$9.75 billion.

Caterpillar expects full-year earnings to be US$2.90 per share, with revenue in the range of US$36 billion to US$39 billion.

Caterpillar shares have climbed almost 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 3 percent. The stock has gained by 69 percent in the last 12 months.-AP

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