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January 24, 2014
14:08 EDTCATEarnings Preview: Caterpillar expects Q4 profit lower than Q3
Caterpillar (CAT) is expected to report fourth quarter earnings on Monday, January 27 before the market open with a conference call scheduled for 11:00 am ET. Caterpillar is a manufacturer of mining and construction equipment. EXPECTATIONS: Analysts are looking for earnings per share of $1.28 on revenue of $13.64B, according to First Call. The consensus range for EPS is $1.20-$1.39 on revenue of $13.16B-$14.11B. LAST QUARTER: Caterpillar reported Q3 EPS of $1.45 against estimates for $1.67. Q3 revenue came in at $13.42B against estimates for $14.32B. On its Q3 report, the company lowered its FY13 EPS and revenue guidance, citing concern about a reduction in mining orders. Caterpillar cut its FY13 EPS view to $5.50 from $6.50, compared to a consensus at the time of $6.20. Its FY13 revenue view was lowered to $55B from $56B-$58B, versus a consensus at the time of $56.46B. The company also lowered its FY13 guidance following both its Q1 and Q2 reports. Caterpillar forecast FY14 sales of $52.25B-$57.75B, compared to expectations of $58.65B. The company said the 2014 outlook reflected uncertainty, and it expected to take "deeper actions" to improve its cost structure and balance sheet. On January 24, the company reported dealer machinery sales were down 9% in the past three months. STREET RESEARCH: Street research has been mostly negative in the weeks leading up to Caterpillar's Q4 earnings report. On October 24, JP Morgan downgraded Caterpillar to Neutral from Overweight, citing execution and rising headwinds following the company's weaker than expected Q3 results. The firm lowered its price target for the shares to $90 from $105. On November 7, ISI Group downgraded Caterpillar to Neutral from Buy. On November 25, BofA/Merrill upgraded Caterpillar to Buy from Neutral. The firm believed Caterpillar's Power System segment was an overlooked source of 2014 operating earnings and would help support profit of at least $4.50-$5.00 per share. BofA placed a $100 price target on the shares. PRICE ACTION: Caterpillar’s shares have traded modestly higher since the company's Q3 results, but are down over 10% from year ago levels. In afternoon trading ahead of Monday's Q4 report, Caterpillar’s shares are down over 2.5%.
News For CAT From The Last 14 Days
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November 19, 2015
10:26 EDTCATGoldman says sell Titan with ag and mining weakness expected to continue
Goldman Sachs downgraded Titan International (TWI) to Sell from Neutral today, saying that weakness in agriculture and mining would continue to weigh on the company's results. Goldman's downgrade comes after the company reported much weaker than expected results on November 6. Titan makes tires and wheels used in off-road vehicles which are utilized by farmers and mining and construction companies. WHAT'S NEW Titan derives 80% of its revenue from agriculture and mining, so the weakness in those sectors will continue to hurt its results going forward, wrote Goldman analyst David Tamberino. Additionally, farmers have less money to spend on capital projects, reducing the likelihood that they will adopt Titan's new LSW tires, according to the analyst. Given these factors and the January 2017 maturity of Titan's convertible note, the company could be faced with a cash crunch, the analyst warned. Moreover, Titan is facing increased competition, according to Tamberino. He sharply lowered his 2015-2017 earnings before interest, taxes, depreciation and amortization estimates for the company and slashed his price target on the name to $3 from $8. WHAT'S NOTABLE: Deere (DE), Caterpillar (CAT), and AGCO (AGCO) sell heavy machinery used in agriculture. PRICE ACTION: In early trading, Titan sank 11% to $4.50.
November 16, 2015
15:36 EDTCATCaterpillar November volatility up into overview of Financial Services
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13:29 EDTCATCaterpillar to host conference call
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November 13, 2015
12:34 EDTCATCaterpillar, General Motors, Altria Group are market beaters, Barron's says
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