Caterpillar Inc. Cites Foot-Dragging Customers For Disappointing Earnings
Caterpillar Inc. reports second quarter earnings well below expectations and forecasts 2002 profits about 15% below year-earlier levels.
In a July 16 report, the Peoria, Ill.-based heavy equipment maker says customers' investment delays are slowing sales in the general construction, mining and electric power generation markets. Caterpillar's overall second-quarter profit of $200 million, or 58¢ a share, is down from $271 million, or 78¢ a share, for the same period 2001. Revenue fell to $5.29 billion from $5.49 billion.