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Caterpillar sees more red in third quarter; CEO says results align with projections

CATERPILLAR
CATERPILLAR

DEERFIELD, Ill. (HOI) -- More red from Big Yellow when it comes to the company's third quarter financial numbers.

Caterpillar says sales and revenue came in at $9.9 billion.

That is down 23 percent, or nearly three billion dollars from last year.

Cat officials blame the decline primarily on lower sales volume, driven by lower end-user demand for equipment and services.

Profit per share totaled $1.22.

That is down 54 percent, or a $1.44 from last year.

"I’m proud of our global team’s performance as we continue to safely navigate the pandemic while remaining firmly committed to serving our customers," said Caterpillar Chairman and CEO Jim Umpleby in a statement. "Our third-quarter results largely aligned with our expectations, and we’re encouraged by positive signs in certain industries and geographies. We’re executing our strategy and are ready to respond quickly to changing market conditions," Umpleby added.

Caterpillar's financial statement adds that operating profit margin was 10.0% for the third quarter of 2020. That is compared to 15.8% for the third quarter of 2019.

For the nine months ending on September 30th, enterprise operating cash flow was $4.3 billion. Caterpillar ended the third quarter with $9.3 billion of enterprise cash and more than $14 billion of available liquidity sources.

Caterpillar also did not release a revised financial outlook for the 2020 year. Back on March 26th, they withdrew its previous financial outlook due to the global economic uncertainty related to the COVID-19 pandemic.

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