Investing.com - Global construction equipment manufacturer Caterpillar reported worse-than-expected first-quarter earnings, prompting it to cut its full-year earnings outlook, it announced on Monday.
Earlier in the day, in its first quarter earnings report, Caterpillar said earnings per share came in at USD1.31, below expectations for USD1.38 per share.
The company’s first quarter revenue totaled USD13.2 billion, missing expectations for revenue of USD13.75 billion.
Caterpillar reduced its full-year earnings outlook to USD7 per share, compared to a previous estimate in a range between USD7 to USD9 per share.
The machinery maker also lowered its full-year revenue forecast to a range between USD57 to USD61 billion, down from a previous range of USD60 billion to USD68 billion.
"Caterpillar still sees slow growth in 2013 world economy,” Caterpillar CEO Doug Oberhelman said.
Following the release of the report, shares in CAT declined 0.8% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets remained higher. The Dow Jones Industrial Average futures indicated a gain of 0.3% at the open, S&P 500 futures pointed to an increase of 0.4% and Nasdaq 100 futures indicated an advance of 0.5% at the open.
Earlier in the day, in its first quarter earnings report, Caterpillar said earnings per share came in at USD1.31, below expectations for USD1.38 per share.
The company’s first quarter revenue totaled USD13.2 billion, missing expectations for revenue of USD13.75 billion.
Caterpillar reduced its full-year earnings outlook to USD7 per share, compared to a previous estimate in a range between USD7 to USD9 per share.
The machinery maker also lowered its full-year revenue forecast to a range between USD57 to USD61 billion, down from a previous range of USD60 billion to USD68 billion.
"Caterpillar still sees slow growth in 2013 world economy,” Caterpillar CEO Doug Oberhelman said.
Following the release of the report, shares in CAT declined 0.8% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets remained higher. The Dow Jones Industrial Average futures indicated a gain of 0.3% at the open, S&P 500 futures pointed to an increase of 0.4% and Nasdaq 100 futures indicated an advance of 0.5% at the open.