Caterpillar reports its second-quarter earnings

31.07.2020 - Evdokimov Roman
Caterpillar reports its second-quarter earnings

On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak.

The decline was due to lower sales volume and changes in dealer inventories. During the second quarter of the year, some dealers decided to decrease their machine and engine inventories worth $1.4 billion.

The construction machinery and equipment company said that it would cut costs and prioritize investment in its services.

“We are well-positioned for these challenging times because of the successful execution of our strategy. We are focused on employee safety and maintaining a competitive and flexible cost structure while continuing to invest in services and expanded offerings to serve our customers better. We will adjust production as conditions warrant,” Caterpillar’s Chief Executive Officer Jim Umpleby said.

Caterpillar’s shares were down by more than 7% since the beginning of 2020.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?