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Fitch lowers Caterpillar outlook to negative

Dec. 08, 2016 4:14 PM ETCaterpillar Inc. (CAT) StockCATBy: Carl Surran, SA News Editor10 Comments
  • Caterpillar (NYSE:CAT) touched 52-week highs in early trading but closed -1.1%, near lows of the day, after Fitch Ratings revised CAT's outlook to Negative from Stable on concerns about the extended downturn in the company's machinery markets.
  • Fitch says CAT could face challenges in rebuilding its operating and financial performance, and that a slow recovery in demand could prevent the company from returning to stronger credit metrics; even if the recovery is strong, free cash flow could be constrained if CAT fails to fully realize benefits from recent restructuring moves.
  • CAT launched a restructuring program in 2015 that aims to cut costs by $1.5B/year; shares have gained 42% YTD even as sales have declined for eight straight quarters and the company recently warned that 2017 forecasts seemed too optimistic.

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