"There are a number of geopolitical and economic factors driving uncertainty in the world today, but our base case scenario calls for modest global economic growth over the next few years," said Doug Oberhelman, the company's chairman and CEO, in a statement, also calling this "a reasonable view and the most likely outcome."
He then went on to pledge to keep up the company's dividend, which currently stands at $2.08 a share on a forward basis. "But just as we have done in the past, Caterpillar is ready to act if we enter a recession," Oberhelman said. "We don't think it's likely, but if it happens, we are prepared to react and would expect to remain attractively profitable and to maintain our dividend."
The stock was last quoted at $89, down 2.1%, on volume of nearly 600,000, according to
Also, shares of
(RHT - Get Report)
fell in late trades after the software developer came in a
penny short of Wall Street's profit expectations
for its fiscal second quarter.
Written by Michael Baron in New York.
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