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  • Caterpillar offered a downcast outlook on its industrial businesses Friday as it reported slightly higher fourth-quarter profits on lower sales. The company, which sells machinery to the construction, resource and transportation industries, said it would continue to manage costs to protect profits as it released an outlook that lagged expectations. "We expect continued global economic uncertainty to pressure sales to users in 2020 and cause dealers to further reduce inventories," said Chief Executive Jim Umpleby. Net income came in at $1.1 billion, up 4.9 percent from the year-ago period. Revenues fell 8.4 percent to $13.1 billion. Caterpillar reported lower sales in all three of its main business divisions, but Umpleby said the higher profits during the period reflected that "strong cost control more than offset lower-than-expected end-user demand." The company projected 2020 profits of between $8.50 and $10 per share, below the $10.63 forecast by analysts. The company expects its construction business in China to be "flat to down" and said miners "remain cautious on capex amid continued economic uncertainty" despite solid commodity prices. Shares of Caterpillar dipped 0.3 percent to $135 in pre-market trading. jm/bgs
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  • Caterpillar 2020 outlook highlights global uncertainty
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