Caterpillar Inc., the fortune 100 company producing construction machinery and equipment, is already feeling the strain from the coronavirus fallout. Its quarterly earnings, which were reported yesterday before the market open, missed the consensus forecasts.
The company reported Earnings Per Share of $1.60, which fell short of the market expectations for $1.76. The profit per share plummeted by 39 per cent.
In the earnings report, it was further stated that sales and revenues for Q1 fell by 21 per cent. Caterpillar said it would be bolstering its liquidity in order to stabilise its financial position. Meanwhile, close to $1.6 billion have been returned to shareholders in the wake of the coronavirus market rout.
Jim Umpleby, Caterpillar's Chairman and CEO, stated that:
“Our employees deliver products and services that enable our customers to provide critical infrastructure essential to support society during the COVID-19 pandemic."
Meanwhile, the company's share price is consolidating in a narrow range between the 61.8 per cent Fibonacci Retracement level at 126.51, and the 38.2 per cent Fibonacci Retracement level at 111.53.
Caterpillar 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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