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rdf:type	schema:NewsArticle
schema:articleBody	Caterpillar reported a steep drop in second-quarter profits Friday amid weak demand from industrial clients and said its overall outlook remained clouded by the coronavirus. The global industrial machinery manufacturer reported a big drop in quarterly earnings and said it had yet to see a pickup in demand for mining equipment despite higher copper prices The company, which withdrew its full-year projection in March at the height of coronavirus lockdowns, said there are still too many unknowns to reinstate a forecast. "Our financial results for the remainder of 2020 will depend on the duration of the pandemic and its impact on global economic conditions," Chief Executive Jim Umpleby said on a conference call with analysts. Revenues fell in all three of Caterpillar's divisions, which manufacture machines for the construction, energy and mining industries. Net income tumbled 71.7 percent to $458 million as revenues fell 30.7 percent to $10 billion. Umpleby told analysts that based on current interactions with customers, sales trends in the third quarter were on a similar track to those in the second quarter. "What we're saying is we're not expecting a further decline in sales to users," he said. "We don't expect things to get worse... and again, things could get better." Umpleby said the company has yet to see a significant pickup in demand from mining companies, despite a recovery in copper prices amid higher demand in China. "We continue to be positive on mining, medium and the long-term," he said. "It's not surprising that in the short-term, given what's happening with COVID, customers are being a bit cautious." The company's share price fell 4.6 percent to $130.26 in mid-morning trading. jmb/hs
schema:headline	Caterpillar reports big drop in profits amid murky outlook
schema:mentions	World energy consumption Copper Industry Pandemic Coronavirus disease China Caterpillar Inc. Net income Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-07-31 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	67 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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