IRVING, Texas (AP) — IRVING, Texas (AP) — Caterpillar Inc. (CAT) on Wednesday reported first-quarter net income of $2 billion.
On a per-share basis, the Irving, Texas-based company said it had profit of $4.20. Earnings, adjusted for restructuring costs, came to $4.25 per share.
The results did not meet Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $4.30 per share.
The construction equipment company posted revenue of $14.25 billion in the period, also missing Street forecasts. Seven analysts surveyed by Zacks expected $14.54 billion.
Caterpillar shares have fallen 15% since the beginning of the year, while the S&P’s 500 index has fallen 5.5%. The stock has dropped 12% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAT at https://www.zacks.com/ap/CAT
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