Caterpillar reported lower quarterly earnings amid a weak outlook for oil and metal commodities and said it lined up additional sources of cash to navigate an uncertain period (JUSTIN SULLIVAN)<\/i><\/p>\n
New York (AFP) – Caterpillar reported lower quarterly earnings Tuesday amid a weak outlook for oil and metal commodities and said it lined up additional sources of cash to navigate an uncertain period.<\/p>\n
Shutdowns in the wake of the coronavirus outbreak have battered commodity prices. Caterpillar cautioned that its second quarter would be “more significantly impacted” by COVID-19 than the first quarter, according to a company presentation.<\/p>\n
Net income fell 41.9 percent to $1.1 billion.<\/p>\n
Revenues fell 21 percent to $10.6 billion.<\/p>\n
The industrial giant reported lower first-quarter sales across its businesses, which build equipment used by construction, mining and energy companies.<\/p>\n
The company withdrew its full-year financial forecast in March as the COVID-19 crisis shuttered major economies and obliterated demand for oil and industrial metals. <\/p>\n
Caterpillar this month raised $2 billion in cash by issuing new corporate bonds and arranged $8 billion in liquidity through additional bank facilities.<\/p>\n
“We have taken decisive actions to enhance our strong financial position, while continuing to execute for profitable growth,” said Chief Executive Jim Umpleby.<\/p>\n
“Caterpillar has faced and overcome many challenges in our 95-year history. Our goal is to emerge from the pandemic an even stronger company.”<\/p>\n
Shares of Caterpillar advanced 1.3 percent to $116.74 in pre-market trading.<\/p>\n
Disclaimer:<\/b> Validity of the above story is for 7 Days from original date of publishing. Source: AFP.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"
Caterpillar reported lower quarterly earnings amid a weak outlook for oil and metal commodities and said it lined up additional sources of cash to navigate an uncertain period (JUSTIN SULLIVAN) New York (AFP) – Caterpillar reported lower quarterly earnings Tuesday amid a weak outlook for oil and metal commodities and said it lined up additional…<\/p>\n