January 31, 2020 / 11:44 AM / 17 days ago

Caterpillar revenue drops 8.4%; sees 2020 profit below expectations

Jan 31(Reuters) - Caterpillar Inc reported an 8.4% fall in quarterly revenue on Friday, as its construction and resources units faced weak demand, and the company forecast 2020 profit below estimates.

The world’s biggest construction and mining equipment maker said it expects 2020 profit of $8.50 per share to $10 per share, compared with the average analyst estimate of $10.63 per share.

Profit attributable to common stockholders rose to $1.10 billion, or $1.97 per share, in the three months ended Dec. 31 from $1.04 billion, or $1.78 per share, a year earlier.

The company earned $2.63 per share on an adjusted basis.

Total sales fell to $13.14 billion from $14.34 billion. (Reporting by Rachit Vats in Bengaluru and Rajesh Kumar Singh in Chicago; Editing by Anil D’Silva)

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