Caterpillar shares year-end results and 2017 outlook
Caterpillar Inc. reported fourth-quarter sales and revenue of $9.6 billion, down from $11 billion in the same period last year.
The company said it had a loss for the quarter of $1.35 billion, or $2 a share, compared with a loss of $247 million, or 16 cents a share, in the year-earlier quarter.
Caterpillar said its adjusted profit per share for the quarter was 83 cents, the same as the fourth quarter of 2015, but higher than the outlook for profit per share, excluding restructuring costs, that was provided in October.
Full-year sales and revenue were $38.5 billion, down about 18 percent from $47 billion in 2015. The company lost 11 cents a share in 2016, compared with a profit of $4.18 a share in the previous year.
“Our results for the fourth quarter, while slightly better than expected, continued to reflect pressure in many of our end markets from weak economic conditions around much of the world,” reports Jim Umpleby, Caterpillar CEO in a statement.
“Our team did a great job in the quarter, as they have all year, aligning our cost structure with current demand while preserving capacity for the future,” Umpleby said. “I’m confident we are focusing on the right areas: controlling costs, maintaining a strong balance sheet and investing in the key areas important to our future.”
The company said weakness in shipbuilding is expected to have a negative effect on marine-related sales.
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