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News > Companies
Caterpillar tops 1Q forecast
April 18, 2000: 9:19 a.m. ET

Company posts profit gain despite slim rise in sales during period
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NEW YORK (CNNfn) - Dow component Caterpillar Inc. powered its way past first-quarter earnings forecasts Tuesday, but said the outlook for the remainder of the year is largely unchanged.
    The heavy equipment maker posted net income of $258 million, or 73 cents a diluted share, well above the 58 cents forecast by analysts surveyed by earnings tracker First Call. The company earned $205 million, or 57 cents a share diluted, in the year-earlier period.
    graphicThe profit growth came from the machinery and equipment sector, where net income climbed to $225 million from $160 million a year earlier. Net income from financial services fell to $38 million from $45 million, despite the fact that revenue from that sector grew much faster than in machinery and equipment.
    Sales edged up to $4.92 billion from $4.87 billion a year earlier, as the company said customer demand for products and services were in line with expectations.
    Caterpillar expects full-year 2000 sales and revenue to be slightly higher than 1999, and profit to increase moderately.
    First Call forecast annual earnings of $3.01 a share this year before Tuesday's report, compared with $2.63 a share in 1999.
    Shares of Caterpillar (CAT: Research, Estimates) rose 7/16 to 40-15/16 in Monday trading. Back to top

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