Caterpillar (NYSE:CAT) earnings for the construction equipment company’s fourth quarter of 2019 have CAT stock down on Friday. This comes after reporting adjusted per-share earnings of $2.63 on revenue of $13.14 billion. That’s mixed compared to Wall Street’s estimates of $2.37 per share and revenue of $13.41 billion for the quarter.
Here’s a closer look at the most recent Caterpillar earnings report.
- Adjusted EPS comes in 3.14% above the $2.55 reported in the fourth quarter of 2018.
- Revenue for the quarter is sitting 8.37% lower than the $14.34 billion from the same time last year.
- Operating income of $1.85 billion is a 1.60% drop YoY from $1.88 billion.
- The Caterpillar earnings report also sees it bringing in a net income of $1.10 billion.
- That’s a 4.76% increase over the company’s net income of $1.05 billion from the same period of the year prior.
Jim Umpleby, Chairman and CEO of Caterpillar, has this to say about the CAT stock earnings report.
“In the fourth quarter, strong cost control more than offset lower-than-expected end-user demand. Our margin performance reflected our diligent focus on maintaining a flexible and competitive cost structure.”
The Caterpillar earnings report also includes the company’s outlook for the full year of 2020. This has it expecting adjusted earnings per share to range from $8.50 to $10.00. Unfortunately for CAT stock, that’s nowhere close to the $10.63 per share that Wall Street is looking for.
CAT stock was down 3.28% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
