Caterpillar shares rise after earnings top expectations

Industrial giant's quarterly earnings came in at $2.63 per share adjusted, compared to an estimate of $2.37 per Refinitiv. Its revenue was in line with expectations at $13.11 billion but fell 8% year-over year. CEO and chairman Jim Umpleby noted persisting risks around the world that weighed on the company's revenue.

"We expect continued global economic uncertainty to pressure sales to users in 2020 and cause dealers to further reduce inventories," Umpleby said in a statement. "We have improved our lead times and remain prepared to respond quickly to any positive or negative changes in customer demand." The heavy machinery manufacturer's stock edged up 1% in premarket trading Friday. Still, Caterpillar shares have fallen nearly 10% in January alone, following a 16% gain last year.

At the height of the U.S.-China trade war last year, Caterpillar's profits took a big hit from higher material costs, including tariffs.

The market is rigged.

did they make the number by buybacks and accounting gymnastics...like so many others?

United States United States Latest News, United States United States Headlines

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

GE shares rise 5% after earnings top expectationsGeneral Electric reported fourth-quarter earnings before market open on Wednesday. not out of the bankruptcy woods yet though are they?
Source: CNBC - 🏆 12. / 72 Read more »

McDonald's earnings beat Wall Street estimates, helped by price hikes as US foot traffic declinedMcDonald's reported earnings Wednesday for the first time since its board fired CEO Steve Easterbrook in November for having a consensual relationship with an employee.
Source: CNBC - 🏆 12. / 72 Read more »

Tesla surges after earnings beat, vows to sell more than half a million vehicles this yearTesla Inc. stock rose late Wednesday after the Silicon Valley car maker reported quarterly earnings that beat Wall Street expectations and said Model Y... Literally at the time of this tweet it's up over 11 percent. Did you not even check?
Source: MarketWatch - 🏆 3. / 97 Read more »

Vertex Pharma stock rises on earnings, outlook beatVertex Pharmaceuticals Inc. shares rose in the extended session Thursday after the biotech drug maker's results and forecast topped Wall Street estimates....
Source: MarketWatch - 🏆 3. / 97 Read more »