Peoria-Caterpillar’s fourth-quarter loss widened, dragged down by three hefty charges and higher-than-expected restructuring costs.
Its adjusted profit beat Wall Street’s expectations, but its revenue missed expectations. The construction and mining company also slightly lowered its 2017 revenue forecast.
For the three months ended Dec. 31, Caterpillar Inc. lost $1.17 billion, or $2 per share. That compares with a loss of $94 million, or 16 cents per share, a year earlier. Revenue declined to $9.57 billion from $11.03 billion, missing the $9.75 billion in revenue that Wall Street expected.
In a written statement, Caterpillar CEO Jim Umpleby said the company’s quarterly performance “continued to reflect pressure in many of our end markets from weak economic conditions around much of the world.”
For the year, Caterpillar reported an adjusted profit of $3.42 per share on revenue of $38.54 billion. Looking ahead, it said it now anticipates 2017 revenue in a range of $36 billion to $39 billion, with a midpoint of $37.5 billion.
