Caterpillar: Mixed Earnings and Mixed Future
Caterpillar (NYSE:CAT) recently reported disappointing quarterly results due to write down of its Chinese subsidiary and falling demand. The company’s profit dropped 55% from $1.5 billion to $697 million as it undertook a massive $580 million write-down of a Chinese business that it acquired for approximately $780 million. Revenues also dropped by 7% to $16.08 billion while analysts were expecting $16.12 billion. One would expect revenue to be off slightly if one of your subsidiaries turned out to be a shell. Caterpiller has predicted a recovery in the US housing market and expects Chinese economy to grow by 8.5% ...
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