Industrials
More Bad News for Caterpillar Ahead of Earnings
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Heavy equipment maker Caterpillar Inc. (NYSE: CAT) is scheduled to report first-quarter earnings before markets open Friday morning. Analysts are estimating earnings per share (EPS) of $0.68 and revenues of $9.39 billion, far below the $1.86 EPS and revenues of $12.7 billion in the year-ago first quarter.
Ahead of the report, the company announced on Thursday that year-over-year retail sales for the month of March fell 13% globally and 8% in North America. Bad as that may seem, it’s an improvement over a 15% drop in January and a 21% decline in February.
The Construction Industries segment posted a sales drop of 8% year over year in March. The Asia/Pacific region posted a sales increase of 7% in March, the only region to post a gain in any category in any of the past three months.
Sales in the Resources Industries segment fell 25% worldwide, with plunge of 55% in the Asia/Pacific region. Again, the global drop is smaller than either January (down 35%) or February (down 42%).
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