69°F
Sponsored by

WomensShowBooth285x85.jpg

Difficult 2013 Continues for Caterpillar

PEORIA - Caterpillar officials report third quarter sales and revenue of $13.423 billion down from $16.445 billion in the third quarter of 2012.
PEORIA - Caterpillar announced third quarter financial numbers on Wednesday, and the picture continues to be bleak.  Caterpillar officials report third quarter sales and revenue of $13.423 billion down from $16.445 billion in the third quarter of 2012.  The company has also revised its 2013 outlook and now expects sales and revenue to be about $55 billion.  The previous outlook for 2013 was $56 to $58 billion.

"This has proven to be difficult, with expected sales and revenues nearly $11 billion lower than last year." said Caterpillar Chairman and CEO Doug Oberhelman. "That's a 17 percent decline from 2012 with about 75 percent of the drop from mining."

Oberhelman says the decline in 2013 sales has resulted in substantial actions to lower production, costs, and employment. "Actions taken already included many temporary plant shutdowns, a reduction of more than 13,000 of our global workforce throughout the past year, temporary layoffs for thousands of salaried and management employees, reduction in program spending, substantially lowered incentive pay, lower capital expenditures and implementation of general austerity measures across the company." according to Oberhelman.

From an economic standpoint, Caterpillar executives say they expect better world growth in 2014.  However, significant risks and uncertainties remain that could temper global economic growth.
Page: [[$index + 1]]
comments powered by Disqus