Caterpillar Profit Misses Estimates on Japan Quake Impact
This article is for subscribers only.
Caterpillar Inc., the world’s largest construction and mining-equipment maker, posted lower-than-expected profit for the first time in 10 quarters after the Japanese earthquake reduced sales and manufacturing costs rose.
Second-quarter earnings excluding $204 million in costs related to its acquisition of Bucyrus International Inc. were $1.72 a share, Peoria, Illinois-based Caterpillar said in a statement today. That trailed the $1.75 average of 20 analysts’ estimates compiled by Bloomberg. The shares dropped the most in more than two years in New York trading.