Investing.com - Heavy equipment maker Caterpillar (NYSE:CAT) said net profit fell 40% from a year earlier, while revenue fell over 21%, as the coronavirus drove customers to rein in their investment spending.
Adjusted earnings per share of $1.60 were some 9c short of expectations, while revenue of $10.6 billion was some 3.3% below consensus.
The company, which had already withdrawn its full-year guidance at the end of March, said it expected its results for the rest of the year to show the scars from the pandemic but did not give any more detailed outlook.
Caterpillar shares are down 21% from the beginning of the year, and are down 23.5% from their 52-week high of $150.55 set on January 2. They are under-performing the S&P Global (NYSE:SPGI) 100 which is down 9.9% year-to-date.
Caterpillar is one of a number of companies that have maintained their dividend despite the uncertainty over the future. It paid $1.03 for the first quarter and returned a total of $1.6 billion to shareholders in the period.
Caterpillar follows other major Capital Goods sector earnings this month
Caterpillar's report follows an earnings missed by ASML ADR on April 15, who reported EPS of $0.93 on revenue of $2.44B, compared to forecast EPS of $1.47 on revenue of $3.17B.
Lockheed Martin had beaten expectations on April 21 with first-quarter EPS of $6.08 on revenue of $15.65B, compared to forecasts for EPS of $5.81 on revenue of $15.08B.
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