More on Caterpillar (CAT) Q2 earnings: EPS of $1.45 vs. $2.54 a year ago on revenues of $14.62B...

|About: Caterpillar Inc. (CAT)|By:, SA News Editor

More on Caterpillar (CAT) Q2 earnings: EPS of $1.45 vs. $2.54 a year ago on revenues of $14.62B down from $17.37B. $1B reduction in dealer machine inventory was more than expected and dealers are positioned to reduce it even further; management expects it to decline another $1.5B-$2B in H2, ending the year at about $3.5B - "this means we are underselling end-user demand ... it sets us up for better sales in 2014." FY13 EPS guidance is cut $0.50 to $6.50, with revenues of $56B-$58B vs. a previous range of $57B-$61B. "2013 is turning out to be a tough year and we've already taken action to reduce costs." Share repurchases are expected to be about $1B in Q3. Shares -1.2% premarket. CC at 11 ET. (PR)