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Caterpillar's shares rose 4.9 percent in premarket trading on
Thursday after the company also forecast 2016 earnings above
Wall Street estimates.
The company said it expects 2016 earnings of $4.00 per share,
excluding restructuring costs, compared with $3.48 per share,
according to Thomson Reuters I/B/E/S.
Caterpillar said in September it would cut as many as 10,000
jobs through 2018. In October, the company raised its estimate
for restructuring costs to $800 million in 2015 from $250
million.
The company said on Thursday it expected further restructuring
costs of about $400 million in 2016.
Total sales and revenue fell to $11.03 billion in the fourth
quarter ended Dec. 31, from $14.24 billion a year earlier.
Caterpillar reported a quarterly loss attributable to common
stockholders of $87 million, or 15 cents per share, compared
with a profit of $757 million, or $1.23 per share, a year
earlier.
Excluding restructuring costs, Caterpillar earned 74 cents per
share, compared with the average analyst estimate of 69 cents
per share.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb
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