Caterpillar (CAT) Beats on Q4, Full-Year Earnings Reported Today
Caterpillar (CAT) reported earnings today Q4 & 2017 yearend earnings today before the market open of $2.16 per share, which beating market estimates of $1.827 per share.
CAT highlighted the following:
- Fourth-quarter sales and revenues up 35 percent
- Broad-based sales recovery gained momentum in the fourth quarter of 2017
- Fourth-quarter 2017 results include a charge of $2.4 billion, or $3.91 per share, from U.S. tax reform legislation
- Expect growth in many end markets in 2018
- Implementing new strategy focused on operational excellence and profitable growth
Sales and revenues in the fourth quarter of 2017 were $12.9 billion, compared with $9.6 billion in the fourth quarter of 2016.
Fourth-quarter 2017 loss was $2.18 per share, compared with a loss of $2.00 per share in the fourth quarter of 2016.
Full-year sales and revenues in 2017 were $45.5 billion, up about 18 percent from $38.5 billion in 2016. Full-year profit was $1.26 per share in 2017, compared with a loss of $0.11 per share in 2016
The company expects 2018 profit per share in a range of $7.75 to $8.75. Excluding restructuring costs of about $400 million, adjusted profit per share is expected in a range of $8.25 to $9.25.
“After four challenging years, many key markets improved in 2017, and our global team delivered strong results. We remained focused on operational excellence and made early investments in profitable growth initiatives as we began to implement our new strategy,” said Caterpillar CEO Jim Umpleby.