Caterpillar (CAT) - Get Report posted weaker-than-expected fourth quarter earnings Monday and forecast a "modest" in increase in 2019 sales, sending shares in the industrial equipment marker sharply lower in pre-market trading, TheStreet's Martin Baccardax reported.
The company is Real Money's stock of the day.
Adjusted earnings for the three months ending in December came in at $2.55 per share, Caterpillar said, up 16% from the same period last year but well shy of he Street consensus of $2.98. Group revenues, Caterpillar said, rose 11% to $14.34 billion and were largely in-line with the consensus forecast. Caterpillar said it expects 2019 profit to increase to a range of $11.75 to $12.75 per share, compared to the Refinitiv consensus forecast of $12.73 per share.
"In 2018, Caterpillar achieved record profit per share and returned significant levels of capital to shareholders," said CEO Jim Umpleby. "Our global team remained focused on serving our customers, executing our strategy and investing for future profitable growth."
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