- 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.
Jim Chanos is still short Caterpillar
Jan 27 2014, 19:11 ET