DEERFIELD, Ill. (WMBD) — Caterpillar is releasing its first-quarter financial results.
The first-quarter of 2020 saw a drop in sales and revenues for Caterpillar.
Sales and revenues in the first-quarter were $10.6 billion dollars. That’s $2.9 billion less than 2019.
In a statement, Caterpillar wrote that the decline was due to lower sales.
“The decline was due to lower sales volume driven by lower end-user demand and the impact from changes in dealer inventories. Dealers increased machine and engine inventories about $100 million during the first quarter of 2020, compared with about $1.3 billion during the first quarter of 2019.”Caterpillar Inc. 1Q 2020 Earnings Release
First-quarter profits per share were $1.98 down from $3.25 from the first quarter of 2019.
Caterpillar anticipates its financial results will be impacted by the COVID-19 pandemic for the remainder of 2020. Caterpillar Chairman and CEO Jim Umpleby said they are taking decisive action to enhance their financial position.
“We have taken decisive actions to enhance our strong financial position, while continuing to execute our strategy for profitable growth,” Umpleby said. “Caterpillar has faced and overcome many challenges in our 95-year history. Our goal is to emerge from the pandemic an even stronger company.”
The full finacial results can be read here:
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