Caterpillar’s full-year outlook falls

Manufacturing News, Source : TheManufacturer.com
Published : 16 Jul 2002 21:11

Caterpillar’s stock fell nearly 5% this week as the company lowered its full-year outlook.

The company now forecasts its full-year earnings to drop by 15%; the slump is attributed to a decline in capital spending.

Meanwhile, net income for the second quarter was $200 million, or 58 cents, down from $271 million, or 78 cents, the previous year. The ratings were at the low end of analysts’ expectations.

Second quarter sales fell to $5.29 billion from $5.49 billion. Sales of its coal mining equipment and electric power generation dropped. Truck and bus engine sales were strong during the second quarter, and heavy construction equipment improved.

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