10/23/2019, 12:32 PM (Source: TeleTrader)
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Caterpillar's revenue falls 6% to $12.8B in Q3

Caterpillar Inc. said on Wednesday that its sales and revenues for the third quarter of 2019 amounted to $12.8 billion, marking a 6% decrease compared to the same period a year ago and missing analysts' estimates. The company's earnings per share (EPS) dropped 8% year on year to $2.88.

"Our volumes declined as dealers reduced their inventories, and end-user demand, while positive, was lower than our expectations," CEO Jim Umpleby stated. "We remain focused on executing our strategy and continuing to achieve our Investor Day targets for margin improvement and free cash flow," he added.

Furthermore, the company lowered its 2019 EPS outlook range from previously expected $12.06-$13.06 to $10.90-$11.40.

Caterpillar shares plunged 5% in premarket trading on worse-than-expected results and guidance.

Breaking the News / NP