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Caterpillar reports 46% profit fall, give no 2020 outlook

Credit: REUTERS/MICHAELA REHLE

Caterpillar Inc on Tuesday reported a 46% annual drop in first-quarter earnings, with sales falling across all its primary business segments, highlighting the economic devastation caused by the coronavirus pandemic.

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CHICAGO, April 28 (Reuters) - Caterpillar Inc CAT.N on Tuesday reported a 46% annual drop in first-quarter earnings, with sales falling across all its primary business segments, highlighting the economic devastation caused by the coronavirus pandemic.

The world's biggest construction and mining equipment maker reported an adjusted profit of $1.60 per share, down from $2.94 a year earlier and below the $1.69 forecast by analysts on average, Refinitiv Eikon data showed.

It did not provide a 2020 financial outlook citing the pandemic.

As of mid-April, the company said about 75% of its primary production facilities were in operation. it said some facilities which were temporarily closed had reopened.

Caterpillar said its enterprise operating cash flow was $1.130 billion. It ended the first quarter with $7.1 billion in cash and available global credit facilities of $10.5 billion.

(Reporting by Rajesh Kumar Singh; editing by Louise Heavens and Jason Neely)

((rajeshkumar.singh@thomsonreuters.com; +1-312-408-8537; Reuters Messaging: rajeshkumar.singh.thomsonreuters.com@reuters.net))

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