company said it expects 2016 sales in a range of $40 billion to
$42 billion against a previously forecast $40 billion to $44
Caterpillar now expects 2016 earnings per share at $3.00, or
$3.70 per share excluding restructuring costs. The previous
forecast was $3.50 per share, or $4.00 per share excluding
The world’s largest heavy machinery manufacturer reported a net
income of $494 million, or 67 cents per share in the first
quarter, down from a revised $1.70 billion, or $2.07 a share, a
year ago. Analysts had expected earnings per share of 68 cents.
Including restructuring costs, Caterpillar earned 46 cents per
share, compared with a revised $2.03 a year earlier. Revenue
fell to $9.46 billion from $12.7 billion a year ago.
(Reporting by Meredith Davis; Editing by W Simon)
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