Caterpillar expects 1Q results to miss analysts' estimates
NEW YORK (AP) — Caterpillar expects its first-quarter results to come in below Wall Street's view as it continues to deal with weak product demand.
Shares fell more than 3 percent in Thursday premarket trading.
The equipment maker anticipates a first-quarter adjusted profit between 65 cents and 70 cents per share, with revenue in a range of $9.3 billion to $9.4 billion.
Analysts polled by FactSet predict a profit of 95 cents per share on revenue of $10.34 billion.
Caterpillar Inc. maintained its full-year forecast, saying in a filing with the Securities and Exchange Commission that it remains "comfortable" with the figures. The company still expects a profit of $3.50 per share and revenue between $40 billion and $44 billion. Wall Street is looking for a profit of $3.73 per share on revenue of $41.09 billion.