www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

WORLD> America
Caterpillar reports first loss since '92
(Agencies)
Updated: 2009-04-22 11:01

CHICAGO – Caterpillar Inc (CAT.N), the world's largest maker of construction and mining equipment, reported its first quarterly loss in 17 years on Tuesday, pulled into the red by more than half a billion dollars in charges from its wave of recession-triggered layoffs.

Caterpillar reports first loss since '92
General view of the Caterpillar France site in Grenoble on March 31, 2009. [Agencies] 

The company also slashed its full-year earnings and sales forecast, sending its shares lower in early trading.

Caterpillar, which has eliminated about 25,000 full-time and temporary positions over the past few months, posted a first-quarter loss of $112 million, or 19 cents a share, compared with a year-earlier profit of $922 million, or $1.45 a share. Sales fell 22 percent to $9.2 billion.

Caterpillar expects full-year earnings of $1.25 a share, before restructuring costs, on sales of $31.5 billion to $38.5 billion. Three months ago, the company forecast profit of $2.50 a share, before restructuring, on sales of $36 billion to $44 billion.

If full-year 2009 sales come in at the $35 billion midpoint of that estimate range, it would represent a 32 percent drop from 2008 -- and the worst one-year revenue decline since the 1930s.

The company blamed the cut, and the wide estimate range, on "the high degree of uncertainty" surrounding the global economy, the timing and impact of stimulus measures around the world, and the ability of its dealers to reduce inventory.

Sales of the company's distinctive yellow construction and mining machinery tumbled 29 percent overall, led by a 46 percent decline in sales in Europe, Africa and the Middle East as a result of lower commodity prices and lower oil production.

The results also reflected $558 million in charges Caterpillar booked during the quarter as a result of the layoffs.

Stripping out those costs, Caterpillar said it made 39 cents a share.

On that basis, the results were better than expected. Analysts, on average had expected Caterpillar to report a profit of 2 cents a share, according to Reuters Estimates.

But despite the earnings beat, Jim Owens, the company's chairman and chief executive officer, warned in a statement that it was "extremely difficult to know how our customers will respond during the remainder of 2009."

"They're trying to level out and hold things together and stay profitable for the year before charges," said Eli Lustgarten at Longbow Research. "But the first quarter is the best of the year and it's clearly getting weaker and there's still uncertainty about next year."

Caterpillar said economic activity had dropped over the past six months but that the rate of decline seemed to be moderating. Even so, it predicted world output would continue to fall in the near term.

It said it was taking several steps to conserve cash, including suspending stock repurchases and cutting capital expenditures by $3 billion.

It also said additional job cuts might be necessary, but that they "would likely be handled with flexible and cost-effective rolling layoffs" rather than permanent separations.

"In this environment, liquidity is a major focus," Owens said. "And as a result we've decided to hold more cash than usual."

The company was authorized to issue more than 25 million shares to make a $650 million contribution to improve the funding status of its US pension plan.

That would dilute existing shareholders by 4.2 percent and seems to imply, according to JP Morgan analyst Ann Duignan, that the stock is only worth $26 a share..

Caterpillar shares were last down $1.13, or 3.7 percent, at $29.35 after falling as low as $28.50.

主站蜘蛛池模板: 黄色va视频| 国产午夜永久福利视频在线观看 | 国产精品第五页 | 99国产精品免费观看视频 | 99久久精品免费看国产 | 欧美激情久久久久久久大片 | 国产精品免费_区二区三区观看 | 国产97公开成人免费视频 | 国产精品高清视亚洲精品 | 九九在线精品视频播放 | 国产伦久视频免费观看 视频 | 欧美一级在线播放 | 国产精选一区二区 | 男人操美女逼视频 | 伊在人香蕉99久久 | 欧美日韩亚洲一区二区三区 | 成人久久久观看免费毛片 | 国产精品视频一区二区三区 | 国产精品免费大片 | 欧美日韩视频一区三区二区 | 国产成人免费视频精品一区二区 | 久久手机免费视频 | 久久久久依人综合影院 | 69国产成人综合久久精品91 | 久久亚洲国产的中文 | 欧美成人免费sss | 一a一级片 | a毛片全部播放免费视频完整18 | 在线观看国产一区二区三区99 | 久久15| 一区在线看 | 国产视频二 | 正在播放国产大学生情侣 | 综合欧美一区二区三区 | 一区二区三区四区视频在线观看 | 久久久精品免费视频 | 国产精品一区二区三区高清在线 | 亚洲人成网站观看在线播放 | 99久久精品免费精品国产 | 97在线视频免费公开观看 | 国产一区二区精品久久凹凸 |