Arab Today, arab today caterpillar earnings drop cuts outlook
Last Updated : GMT 17:45:49
Arab Today, arab today
Arab Today, arab today

Caterpillar earnings drop, cuts outlook

Arab Today, arab today

Arab Today, arab today Caterpillar earnings drop, cuts outlook

New York - AFP

Industrial giant Caterpillar Wednesday cut its 2013 profit forecast after reporting a 43.5 percent drop in second-quarter earnings due to weak demand in its operating segments, especially mining. Caterpillar, which sells machinery and engines to the construction, mining and petroleum sectors, said net income came in at $960 million on revenues of $14.6 billion, down from last year\'s profit of $1.7 billion on revenues of $16.7 billion. Those results translated into $1.45 earnings per share, below the $1.70 forecast by analysts. Revenues also fell short of the $14.9 billion estimate. The company had previously flagged mining equipment demand as a weak point given that several large miners like Rio Tinto had cut back capital spending in light of weaker metals demand in China and elsewhere. Revenue in the resource segment, which is dominated by mining, tumbled 34 percent to $3.6 billion. Revenue in construction industries dropped 9 percent, while power systems revenue dipped 5 percent. Caterpillar chief executive Doug Oberhelman said a big driver of the lower earnings was a sharp $1 billion reduction in dealer machine inventories, as the company\'s dealers sell more products from Caterpillar product demand centers and hold less product themselves. The company expects an additional $1.5-$2 billion in inventory declines in the second half of 2013. \"With the sharp reduction in dealer inventory and the decline in mining, 2013 is turning out to be a tough year and we\'ve already taken action to reduce costs,\" Oberhelman said, citing temporary factory shutdowns, rolling layoffs and other cuts. Caterpillar cut its 2013 profit forecast to about $6.50 per share on revenue of $56 to $58 billion. The prior estimates were $7 earnings per share and $57 to $61 in revenue. Dow member Caterpillar\'s shares were down 0.9 percent in pre-market trading.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today caterpillar earnings drop cuts outlook Arab Today, arab today caterpillar earnings drop cuts outlook

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday