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Article: Caterpillar's quarterly profit below expectations Analyst says company overestimated demand in North America
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- November 20, 1999
CopyrightCopyright 1999 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Caterpillar Inc., the biggest maker of construction equipment,
said its fourth-quarter profit will be less than expected because of
slumping North American sales of mining and farming machinery.
Caterpillar said fourth-quarter profit will be "slightly above"
the third quarter's net income of $219 million, or 61 cents a share,
on sales of $4.72 billion. Caterpillar was expected to earn 97 cents
in the fourth quarter, the average estimate of analysts polled by
First Call Corp.
Caterpillar already said in July that this year's profit would be
as much as 25% less than 1998's, as low commodity prices have led
mining and farming customers to pare orders. It had hoped to raise
prices by 3% ...