Caterpillar Inc. (NYSE: CAT) on Friday posted an 8% decline in the net sales in Q4 to $13.1 billion, as strong cost control hurt end-user demand. The topline also missed analysts’ projection of $13.41 billion.
Meanwhile, the manufacturing giant posted a Q4 profit of $ 2.63 per share, beating the Wall Street view of $2.37 per share.
CEO Jim Umpleby said, “We expect continued global economic uncertainty to pressure sales to users in 2020 and cause dealers to further reduce inventories. We have improved our lead times and remain prepared to respond quickly to any positive or negative changes in customer demand.
READ: Amazon (AMZN) stock jumps after smashing past Q4 earnings estimate
Operating profit margin was 14.1% for the fourth quarter of 2019, compared with 13.1% for the fourth quarter of 2018.
For the fiscal year 2020, the company currently expects adjusted EPS of $8.50 – $10.00.
Caterpillar shares were over 1.5% immediately following the announcement, thanks to the earnings beat. Over the last 12 months, CAT stock has mostly traded sidewise and is currently up about 2%.
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