- Short-seller Jim Chanos says he’s still betting against Caterpillar (CAT) despite the company’s better than expected Q4 results.
- “The only reason they beat [estimates] was because of two one-time items," Chanos tells WSJ; "The market saw the earnings beat and got excited, but if you look under the surface, we think they missed estimates for operating earnings excluding one-time gains."
- CAT CEO Doug Oberhelman says demand from mining customers remains weak but should start to recover this year or next; when down cycles end, demand “tends to come back fairly quickly,” he said in today's earnings call.
- Chanos says CAT's mixed forecasting record should make investors think twice about taking the company’s outlook at face value, pointing investors to last January’s earnings release.
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