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In reply to the discussion: STOCK MARKET WATCH -- Monday, 22 April 2013 -- Earth Day [View all]xchrom
(108,903 posts)23. Caterpillar Profit Misses Analysts’ Estimates on Mining Slowdown
http://www.bloomberg.com/news/2013-04-22/caterpillar-profit-misses-analysts-estimates-on-mining-slowdown.html
Caterpillar Inc. (CAT), the worlds largest maker of mining and construction equipment, reported first-quarter earnings and sales that trailed analysts estimates as mining companies slowed orders.
Net income fell to $880 million, or $1.31 a share, from $1.59 billion, or $2.37, a year earlier, Peoria, Illinois-based Caterpillar said today in a statement. The average of 20 estimates compiled by Bloomberg was for profit excluding one- time items of $1.38 a share. Sales declined to $13.2 billion from $16 billion, less than the average estimate of $13.7 billion.
The company forecast 2013 earnings of about $7 a share, compared with a January projection of $7 to $9. Sales will be $57 billion to $61 billion, compared with an earlier forecast of $60 billion to $68 billion. The average estimates were for profit of $7.70 a share on sales of $62.7 billion.
The clear headwind is mining, Andy Kaplowitz, a New York-based analyst for Barclays Plc who has a buy rating on the shares, said in an April 12 telephone interview. Globally, miners have remained under pressure. Demand is anemic.
Caterpillar Inc. (CAT), the worlds largest maker of mining and construction equipment, reported first-quarter earnings and sales that trailed analysts estimates as mining companies slowed orders.
Net income fell to $880 million, or $1.31 a share, from $1.59 billion, or $2.37, a year earlier, Peoria, Illinois-based Caterpillar said today in a statement. The average of 20 estimates compiled by Bloomberg was for profit excluding one- time items of $1.38 a share. Sales declined to $13.2 billion from $16 billion, less than the average estimate of $13.7 billion.
The company forecast 2013 earnings of about $7 a share, compared with a January projection of $7 to $9. Sales will be $57 billion to $61 billion, compared with an earlier forecast of $60 billion to $68 billion. The average estimates were for profit of $7.70 a share on sales of $62.7 billion.
The clear headwind is mining, Andy Kaplowitz, a New York-based analyst for Barclays Plc who has a buy rating on the shares, said in an April 12 telephone interview. Globally, miners have remained under pressure. Demand is anemic.
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