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Caterpillar Inc. reported declining profit and revenue amid weak demand from the miners and construction companies that use its equipment and warned the outlook for the rest of 2020 is uncertain due to the COVID-19 pandemic.
The Deerfield, Illinois-based equipment maker earned $1.09 billion, or $1.98 a share, as revenue fell 21 percent year-over-year to $10.6 billion. Wall Street analysts surveyed by Refinitiv were expecting earnings of $1.69 per share on revenue of $10.92 billion.
“We have taken decisive actions to enhance our strong financial position, while continuing to execute our strategy for profitable growth,” Caterpillar CEO Jim Umpleby said in a statement.
“Caterpillar has faced and overcome many challenges in our 95-year history,” he added. “Our goal is to emerge from the pandemic an even stronger company.”
Caterpillar withdrew its 2020 financial guidance on March 26 due to uncertainty caused by COVID-19 and did not provide an update.
This story is developing. Check back for updates.