Peoria Public Radio News
7:53 am
Wed October 23, 2013

Cat reports 3rd quarter results

Sales and revenues and profit-per-share are down for Caterpillar. The company released its third quarter results today. Cat says sales and revenues were down about three-billion dollars compared to the same time last year while profit-per share dropped more than $1.50.

In a statement, Caterpillar CEO Doug Oberhelman says the drop is mostly due to weaker mining equipment sales. He says overall sales and revenues are down 11-billion dollars.

The company reduced its expected 2013 sales and revenues to 55-billion dollars. That’s down from the estimated range of $56 billion to $58 billion. Profit-per-share is now expected to be $5.50 per share. That’s down one dollar from the previous forecast.

The decline in 2013 sales has resulted in temporary plant shutdowns and layoffs, a reduction of more than 13,000 employees, reductions in program spending, and lower capital expenditures.