Shutdowns in the wake of the coronavirus outbreak have battered commodity prices. Caterpillar cautioned that its second quarter would be "more significantly impacted" by COVID-19 than the first quarter, according to a company presentation.

Net income fell 41.9 percent to $1.1 billion.

Revenues fell 21 percent to $10.6 billion.

The industrial giant reported lower first-quarter sales across its businesses, which build equipment used by construction, mining and energy companies.

The company withdrew its full-year financial forecast in March as the COVID-19 crisis shuttered major economies and obliterated demand for oil and industrial metals. Caterpillar this month raised $2 billion in cash by issuing new corporate bonds and arranged $8 billion in liquidity through additional bank facilities.

Copyright Agence France-Presse, 2020