Caterpillar Sees Drag From Used Equipment as Miners Bounce Back
- Outlook indicates fifth straight year of falling revenue
- ‘Overall economic environment remains challenging,’ CEO says
Caterpillar 4Q Revenue Misses Estimates
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Ample used construction-equipment supplies and restrained spending from miners mean the commodities rebound won’t be giving much of a lift to beleaguered Caterpillar Inc., which forecast 2017 results that trailed analysts’ estimates. The shares fell.
The lowered outlook “is happening because business still stinks,” Stephen Volkmann, a New York-based analyst for Jefferies LLC, said in a telephone interview. “The recovery is certainly not happening yet.”