Caterpillar’s 2020 Outlook Adds More Gloom to Virus-Shaken Markets
- Caterpillar has been trying to cut costs and trim inventories
- The outlook may signal further headwinds for machine sales
This article is for subscribers only.
Caterpillar Inc., a worldwide barometer for manufacturing, is warning of more pain to come for the global economy in 2020.
The heavy-equipment maker is projecting that its profits for the year will trail analysts’ estimates by as much as $2 a share. The weak outlook comes just as markets are reeling from the worsening outbreak of the coronavirus, a slump in manufacturing activity and major cutbacks in spending.