Caterpillar CEO Doug Oberhelman appeared on CNBC’s Squawk Box this morning. Caterpillar’s s quarterly result came in at 67 cents per share adjusted vs. 68 cents estimated.
Mr. Oberhelman stated that rolling 3-month sales remain down. Mining sales are down 25% worldwide. Cat is a big global economy player. He stated that the first quarter adjusted for China showed some stimulation. China is doing several internal adjustments to their economy. Mr. Oberhelman said this was optimistic for their heavy equipment sales.
Caterpillar’s quarterly revenues were up $9.461 billion vs. $9.391 billion. The guidance for Cat has been lowered. They’re down about $1 billion. Mr. Oberhelman is calling a bottom according to Jim Cramer.
Caterpillar has bought back stock and lowered debt. The company seems poised for growth when the global picture picks up. You might want to put Cat on your radar.