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Caterpillar 4Q meets target
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January 23, 2002: 9:11 a.m. ET
Construction equipment maker cites strong financial unit results.
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NEW YORK (CNN/Money) - Caterpillar Inc. posted a fourth-quarter operating profit in line with Wall Street estimates Wednesday as strong results from its financial unit offset lower product prices.
The world's largest builder of earth-moving equipment reported an operating profit of 76 cents a share, meeting analysts' estimates and flat with the fourth quarter a year earlier.
Caterpillar's fourth-quarter revenue edged down to $5.10 billion from $5.11 billion in the final three months of 2000.
Including $153 million in pretax charges associated with the sale of its Challenger tractor unit, business consolidation and work force reductions, Caterpillar earned $167 million, or 48 cents a share, in the period.
The Peoria, Ill.-based company said it expects revenue in 2002 to be flat with 2001, when it reported sales of $20.45 billion.
Despite the revenue outlook, the firm said it sees profit, excluding one-time items, up slightly in 2002 from the $2.60 a share it earned in 2001.
Analysts expect Caterpillar to earn $3.24 a share in 2002, according to First Call.
The company also said it expects world growth in industrial production to remain flat in the first half of 2002, but pick up in the second half and end the year with an annual growth rate of about 3 percent.
Caterpillar (CAT: down $1.19 to $46.99, Research, Estimates) shares were lower in Wednesday morning trade. 
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