Caterpillar Profit, Forecast Beat Analysts’ Estimates

Caterpillar Inc., the world’s largest maker of bulldozers and excavators, posted third-quarter earnings that beat analysts’ estimates and issued a full-year forecast that exceeded the highest prediction.

Profit dropped to $404 million, or 64 cents a share, from $868 million, or $1.39, a year earlier, the Peoria, Illinois- based company said today in a statement. The average estimate in a Bloomberg analyst survey was 5 cents a share. Caterpillar shares rose in New York trading.

Caterpillar has slashed inventories and production amid the worst decline in its markets since the Great Depression. Chief Executive Officer Jim Owens cut about 18,700 full-time jobs and about the same amount of temporary workers since December 2008 as demand faltered. Sales fell 44 percent to $7.3 billion.

Read Full Article from Bloomberg

- Posted: 2009-10-20 11:57:35

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