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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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

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
Source: BDliveSA - 🏆 12. / 63 Read more »

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
Source: BDliveSA - 🏆 12. / 63 Read more »