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4/28, 12:35 PM (Source: TeleTrader)
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Caterpillar's Q1 revenue declines 21% to $10.6B

Caterpillar Inc. announced on Tuesday its first quarter 2020 sales and revenue amounted to $10.6 billion, a 21% drop compared to the same three-month period a year ago. Its earnings per share (EPS) also recorded a 39% slump at $1.98 per share compared to the same quarter in 2019.

The American industry giant said its first quarter net profit before income taxes declined 11% from the first quarter last year reaching $127 million. At the same time, the company noted it has withdrawn its earnings guidance as it expects that the remainder of 2020 will be impacted by the COVID-19 pandemic.

"We have taken decisive actions to enhance our strong financial position, while continuing to execute our strategy for profitable growth. Caterpillar has faced and overcome many challenges in our 95-year history. Our goal is to emerge from the pandemic an even stronger company," the company's Chairman and CEO Jim Umpleby said in a statement.

Breaking the News / BJ