Caterpillar reports lower than expected earnings on weaker Chinese sales

24 July 2019 - 18:41Caterpillar excavator machines at a factory in Gosselies, Belgium. Picture: REUTERS/Eric Vidal

The company, a proxy for global economic activity, benefited in the past year from the strongest global growth since 2010. However, a tariff war between the US and trade partners including China, has sapped business confidence, dampening economic activity. Andrew Bonfield, Caterpillar’s CFO, said the company saw a $70m tariff bill in the quarter and higher labour and restructuring costs. Weak sales of machines at its high-margin energy and transportation business also weighed on overall profits, he said.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Mondi expects higher interim earnings after prior period’s impairmentsPackaging and paper group incurred extraordinary expenses of €81m as it restructured its operations
Источник: BDliveSA - 🏆 12. / 63 Прочитайте больше »

AVI says earnings fell in the year to end-JuneThe consumer goods group, which wrote down the value of shoe business Green Cross, says SA’s economic malaise is taking its toll
Источник: BDliveSA - 🏆 12. / 63 Прочитайте больше »

AVI says earnings fell in the year to end-JuneThe consumer goods group, which wrote down the value of shoe business Green Cross, says SA’s economic malaise is taking its toll
Источник: BDliveSA - 🏆 12. / 63 Прочитайте больше »