Caterpillar sees a drop in second-quarter 2020 sales and revenue

Business News

DEERFIELD, Ill. (WMBD) — Caterpillar is sharing financial results for the second quarter of 2020.

Sales and revenue are at $10 billion for the second quarter. That’s a 31% decrease compared to the sales and revenue from 2019. The decline was due to lower sales volume driven by lower end-user demand and the impact of changes in dealer inventories.

Profit per share decreased by 70%. The second-quarter 2020 stock share was 84 cents, compared to the $2.83 per share in 2019.

Profit per share for the second quarter included pre-tax measurement losses of $122 million, or 19 cents per share, resulting from settlements of pension obligations.

The release stated financial results for the remainder of the year will be impacted by the pandemic. Caterpillar withdrew its earnings guidance on March 26 and is not providing an outlook for 2020 at this time.

“We are well positioned for these challenging times because of the successful execution of our strategy. We are focused on employee safety and maintaining a competitive and flexible cost structure while continuing to invest in services and expanded offerings to better serve our customers. We will adjust production as conditions warrant and are prepared to respond quickly to any positive or negative changes in customer demand.”

Jim Umpleby, CEO of Caterpillar

This story was generated by WMBD’s Brandon Ellis.

Latest Headlines

Stay Connected

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

National Unemployment Tracker

Trending Stories

Latest Local News

More Local News