Originally published at www.seclive.com
Filing in Focus: Caterpillar 8-K, October 23, 2013
Caterpillar, Inc. (NYSE:CAT) announced its third quarter financial results for the fiscal year 2013, reporting an 18% drop in sales and revenue. The world's largest earth-moving equipment maker has struggled this year with a lack in demand for its products. In recent years Caterpillar has focused its merger and acquisition activity on the mining industry, in what the company felt would be a surge in demand from that industry. Unfortunately for the company, its mining customers, under increased budget and metal price pressures, have completely abandoned or delayed projects, which has resulted in a dramatic decrease in sales for Caterpillar. Earnings this quarter were $946M or $1.45 per share, down from $1.7B and $2.54 per share a year ago this quarter. These results have forced the company to decrease its annual guidance for the third time this year to $5.50 earnings per share.
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