nach enttäuschenden Zahlen.
Big Miss at Caterpillar
By TSC Staff
7/20/2007 7:45 AM EDT
Caterpillar (CAT) sank 5% in early trading after missing second-quarter earnings estimates.
The Peoria, Ill., tractor maker cited a "severe drop in demand for on-highway truck engines and weakness in North American construction market" for the shortfall, which sent shares down $3.98 to $83.
For the quarter ended June 30, Caterpillar made $823 million, or $1.24 a share, down from the year-ago $1.05 billion, or $1.52 a share. Sales rose 7% from a year ago to $11.36 billion.
Analysts surveyed by Thomson Financial were looking for a $1.49-a-share profit on sales of $11.11 billion.
"Disappointing earnings in the second quarter were attributable to the sharp negative swing in on-highway truck engine profitability, weakness in North American machine sales, continued selected supply chain disruptions and higher material costs," said CEO Jim Owens. "Manufacturing costs were also higher, in part, due to transitional costs associated with the launch of the Cat Production System.
"While costs were a challenge, we were pleased with the spectacular sales growth outside North America and the performance of our engine businesses other than on-highway truck," he added. "As we look forward, we're encouraged by the strength of our order board overall, particularly for our large machines and engines."
Many big U.S. companies have reported domestic weakness so far this earnings season. Earlier Friday, Whirlpool (WHR - Cramer's Take - Stockpickr - Rating) said U.S. sales fell 6% from a year ago in the second quarter as demand weakened.
Caterpillar maintained guidance, saying it expects to make $5.30 to $5.80 a share for the year on revenue of $44 billion. Analysts were looking for a profit of $5.59 a share on revenue of $43.77 billion.