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Shares of Caterpillar Inc. (NYSE: CAT) were trading lower by more than 2 percent early Friday morning after the company reported its first quarter-results.
Caterpillar said that it earned $0.67 per share in the first quarter on revenue of $9.46 billion. Wall Street analysts were expecting the company to earn $0.58 per share on revenue of $9.4 billion.
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Profit for the quarter fell 25 percent from the same quarter a year ago to $100 million, primarily due to a $23 million unfavorable impact from lower average earning assets and an unfavorable $13 million impact from lower average financing rates.
During the quarter, retail new business volume fell $173 million to $2.29 billion due to lower volume in the mining and marine portfolios.
"Our portfolio has performed well overall despite ongoing weakness in many of the key end markets we serve," said Kent Adams, president of Cat Financial and vice president with responsibility for the Financial Products Division of Caterpillar Inc. "The global Cat Financial team is focused on actively managing portfolio health and continuing to serve Caterpillar customers and Cat dealers worldwide through financial services excellence."
Looking forward to the full fiscal year 2016, Caterpillar lowered the high end of its prior sales outlook to a range of $40 billion to $42 billion from a prior range of $40 billion to $42 billion. The company also lowered its earnings per share outlook for the full year from approximately $4 to $3.70.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.