Caterpillar earnings plunge nearly 50% due largely to Covid-19
Caterpillar believes dealers will reduce inventories as much as $1.5bn in 2020 in response to depressed equipment demand
28 April 2020 - 16:43
Chicago — Caterpillar has reported a 46% drop in first-quarter earnings, with sales falling across all regions and all of its primary business segments, highlighting the economic devastation caused by the coronavirus pandemic.
The world's biggest construction and mining equipment maker reported an adjusted profit of $1.60 per share, down from $2.94 a year earlier and below the $1.69 forecast by analysts on average, Refinitiv Eikon data showed...
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