Peoria Public Radio Staff
Peoria Public Radio News
Wed July 24, 2013
Cat reports second quarter results
Cat CEO Doug Oberhelman says in a statement the losses were mainly due to a more than expected reduction in dealer machine inventory. Dealers are expected to cut inventories further this year. As a result, Cat is reducing its outlook for sales and revenues this year to a range of 56 to 58-billion dollars. The company is also predicting a smaller profit per share of $6.50. That’s fifty cents less than the previous outlook.
Oberhelman says Cat has taken steps to reduce costs like initiating temporary factory shutdowns and decreasing the flexible workforce. He says the company plans to make additional cost reduction measures in the second half of the year.