CHICAGO: Caterpillar Inc's on Wednesday reported lower quarterly earnings, hurt by cooling demand for construction machines in Asia-Pacific as well as weak sales at its energy and transportation division.
In the second quarter, the Deerfield, Illinois-based company reported an adjusted profit of $2.83 per share compared with $2.97 per share a year ago. Analysts surveyed by Refinitiv, on average, expected earnings of $3.12 per share.
Revenues in the June quarter grew 3pc year-on-year to $14.4 billion.
The heavy equipment maker retained its full-year adjusted profit forecast of $11.75-$12.75 per share. It still expects modest sales growth in 2019 and said it assumes a recovery in demand for machines for the oil and gas sector near the end of the year.
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