Caterpillar (CAT)

Caterpillar Inc. (CAT) exceeded third-quarter profit expectations by a wide margin as the company slashed its costs in response to continued falling sales of construction machinery. The company's revenue in the quarter plunged 44% from a year ago, while income fell 53%. But Caterpillar said its sales skid has likely reached a bottom, prompting the company to narrow its profit range for 2009 and predict revenue this year would be about $32.5 billion, the lower end of its earlier range.
The company now expects to earn $1.85 per share to $2.05 a share, excluding costs for layoffs and idle plants, compared with its previous prediction of $1.15 per share to $2.25 per share

Oct 20 · 10:41:00 AM · Source: Dow Jones
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by Larry Etter