Caterpillar, Lower sales hit Caterpillar

Manufacturing News, Source : TheManufacturer.com
Published : 17 Apr 2002 9:31
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Caterpillar, the heavy equipment maker, has said first-quarter profits fell by half from last year on fewer sales of large construction machines and engines.

The manufacturer said the major industries comprising its customer base continued to be depressed and blamed declines in mining, general construction and generators for electric power, and particularly weak sales and economic conditions in North America and Europe.

In the first quarter, Caterpillar roughly met expectations with net income of $80m, or 23 cents per share, compared with $162m, or 47 cents per share, in the same quarter last year. Revenues fell 8 per cent to $4.4bn.

 

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