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 Caterpillar Inc. - CAT
CAT Caterpillar Inc The world’s largest maker of bulldozers and excavators was lowered to “neutral” from “buy” at Merrill Lynch, citing falling commodity prices that may lead to delays or cancellation of projects. 34.14 +0.84 / +2.52%
All my comments are purely my opinion. Please use your own buy and sell signals and never invest in a stock you can not afford to lose money on. For a complete disclaimer click here.
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CAT moving up here...
CAT Caterpillar Inc The world's largest maker of earth-moving equipment, said it plans to raise prices on most of its machinery by up to 2 % next year, citing "current industry factors and current and expected general economic conditions." 50.12 +1.29 / +2.65%
All my comments are purely my opinion. Please use your own buy and sell signals and never invest in a stock you can not afford to lose money on. For a complete disclaimer click here.
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Caterpillar 3Q profit drops 53 pct on weaker sales
Caterpillar 3Q profit drops 53 pct on weaker sales
Caterpillar reports 53 pct decline in 3rd-qtr profit on slumping sales, lifts profit outlook
By Daniel Lovering, AP Manufacturing Writer
On 8:06 am EDT, Tuesday October 20, 2009
Companies: Caterpillar Inc.
Caterpillar said Tuesday its third-quarter profit tumbled 53 percent as customers bought fewer of its bulldozers and other yellow-and-black machines.
AP - FILE - In this March 19, 2008 file photo, a pair of Caterpillar D6 bulldozers work on construction ...
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CAT 57.85 0.00
But the company said the latest quarter was its low point in the recession and raised its profit outlook for 2009. It also expects higher demand next year.
Sales in the third quarter slid 44 percent to $7.30 billion.
The world's largest maker of construction and mining equipment has struggled with lower demand since the world economy worsened late last year. Lower prices for commodities such as iron ore, a key steel ingredient, have undercut orders for its giant mining trucks. A battered housing market also has eaten into the company's sales.
Caterpillar has responded by dramatically cutting production and laying off thousands of workers. Analysts say renewed demand from developing countries such as China and Brazil, a weaker dollar that makes the company's products less expensive in overseas markets and rising commodity prices could brighten Caterpillar's prospects next year.
The company boosted its 2009 profit forecast to a range of $1.10 per share to $1.30 per share compared with an earlier forecast of 40 cent to $1.50 per share. And it expects 2010 sales to rise 10 percent to 25 percent compared with the midpoint of 2009, partly due to dealers using up their stockpiles of Caterpillar products.
Caterpillar said it earned $404 million, or 64 cents per share, during the July-September period. That compares with $868 million, or $1.39 per share, during the same period a year earlier.
Shares of the Peoria, Ill.-based company rose $2.85, or nearly 5 percent, to $60.70 in pre-market trading.
All my signatures are purely my opinion. Please use your own buy and sell signals and never invest in a stock you can not afford to lose money on. For a complete disclaimer click here
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