Caterpillar Inc. CAT is down sharply at the open following an earnings miss. The company reported Q4 EPS of $1.35, well below the $1.55 consensus. The $1.35 in earnings also included a $0.19 per share lift from taxes, implying an even larger miss.
Caterpillar management also downwardly revised guidance for FY15 to $4.75 – a steep reduction that Morgan Stanley analysts called “very surprising.” Morgan Stanley has an Equal-Weight rating on CAT. Credit Suisse has a $100 price with an Outperform rating on the stock.
Caterpillar has an 11 a.m. ET call to discuss the earnings and outlook.
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