Caterpillar Revenue Misses Estimates as China Sales Slow
Caterpillar Inc. (CAT) (CAT), the world’s largest maker of construction equipment, reported a gain in first-quarter revenue that was less than analysts estimated after sales fell in China and Brazil.
Revenue climbed 23 percent to $16 billion, the Peoria, Illinois-based company said in a statement today. The average of 13 estimates (CAT) compiled by Bloomberg was for $16.1 billion. Net income rose to $2.37 a share, beating the $2.13 average of 21 estimates. Caterpillar raised its full-year profit forecast while maintaining its projected 2012 sales. The shares fell the most in seven months.
“They still reported a big number but lower than expected on near-term softness in China and Brazil,” Larry De Maria, a New York-based analyst for William Blair & Co. who recommends buying the shares, said in an interview. “There was no change to the top-line guidance. People want to see the whole thing.”Read More : http://www.businessweek.com
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