Caterpillar's quarterly net falls 21% |
| MarketWatch - Jul 20, 2007 |
Caterpillar Inc. said Friday weakness in its North American business and higher material costs pushed profit 21% below year-ago levels, causing the blue-chip manufacturer of heavy equipment to miss Wall Street's earnings forecast.
Shares of the Dow Jones Industrial Average component recently pulled back 8% to $79.90, after hitting an all-time-high at $87 on Thursday. The stock's had a good run, up nearly 30% from a year ago, and it's moved up more than twofold in the last five years, though consecutively lagging the Dow industrials.
The Peoria, Ill., maker of earth-moving machinery said second-quarter net income fell to $823 million, or $1.24 a share, from $1.05 billion, or $1.52 a share, a year earlier. Sales rose to $11.36 billion from $10.61 billion a year ago.
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- Posted: 2007-07-20 10:10:17
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