Caterpillar (NYSE:CAT) beat most Wall St. expectations, and improved its guidance for the balance of 2009. The news pushed the stock up before the open of trading.
CAT said it had a Q3 profit of $.64 per share, down $.75 per share from the third quarter of 2008. Revenue of $7.298 billion was down 44% from $12.981 billion in the third quarter of 2008.
Caterpillar forecast 2009 sales and revenues of $32 to $33 billion. The 2009 profit outlook range was upped to $1.10 to $1.30 per share compared to the previous range of $.40 to $1.50 per share. The 2009 profit outlook includes redundancy costs of about $.75 per share. Excluding redundancy costs, the profit forecast for 2009 is $1.85 to $2.05 per share compared to the previous range of $1.15 to $2.25 per share.
CAT’s outlook for 2010 sales and revenues is an increase of 10% to 25% from the midpoint of the 2009 outlook range, in part driven by the end of dealer inventory reductions which significantly affected sales in 2009.
Douglas A. McIntyre
Find a Qualified Financial Advisor (Sponsor)
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
