UPDATE: Caterpillar Q4 Profit Drops 55%

Caterpillar

reported a 55% drop in its fourth-quarter earnings. For the year, Caterpillar expects earnings of $7 to $9 per share on revenue of $60 billion to $68 billion. However, analysts were expecting earnings of $8.54 per share on revenue of $65.12 billion. Caterpillar's quarterly profit fell to $697 million, or $1.04 per share, from $1.55 billion, or $2.32 per share, in the year-ago period. Its revenue dropped 6.8% to $16.08 billion. However, analysts expected earnings of $1.69 per share on revenue of $16.12 billion. Caterpillar shares gained 2.40% to $97.87 in pre-market trading.