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Investing.com -- Caterpillar (NYSE:CAT) reported worse-than-expected top and bottom line for the fiscal first quarter.
The U.S. construction and mining company posted Q1 earnings per share (EPS) of $4.25, missing the consensus projection of $4.35.
Revenue for the period fell nearly 10% year-over-year to $14.25 billion, also below expectations of $14.58 billion.
"I’m proud of our global team’s continued support of our customers and for delivering another quarter of solid results," said Caterpillar Chairman and CEO Jim Umpleby. "Our strong balance sheet allowed us to deploy over $4 billion to shareholders through share repurchases and dividends during the quarter."
Sales in the Machinery, Energy & Transportation segment declined 11% year-on-year to $13.38 billion, while segment operating income dropped 26% to $2.52 billion, missing the $2.7 billion estimate.
Revenue in the Financial Products segment rose 3.8% from a year earlier to $871 million, beating the $839.6 million estimate.
Adjusted operating income for the group was $2.61 billion, just under the forecast of $2.64 billion.