Caterpillar Profit Misses Analysts’ Estimates on Mining...

Caterpillar Profit Misses Analysts’ Estimates on Mining Slowdown

Caterpillar Inc. (CAT), the world’s largest maker of mining and construction equipment, reported first-quarter earnings and sales that trailed analysts’ estimates as mining companies slowed orders.

Net income fell to $880 million, or $1.31 a share, from $1.59 billion, or $2.37, a year earlier, Peoria, Illinois-based Caterpillar said today in a statement. The average of 20 estimates compiled by Bloomberg was for profit excluding one- time items of $1.38 a share. Sales declined to $13.2 billion from $16 billion, less than the average estimate of $13.7 billion.

“The clear headwind is mining,” Andy Kaplowitz, a New York-based analyst for Barclays Plc who has a buy rating on the shares, said in an April 12 telephone interview. “Globally, miners have remained under pressure. Demand is anemic.”

http://www.bloomberg.com/news/2013-04-22/caterpillar-profit-misses-analysts-estimates-on-mining-slowdown.html

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