Caterpillar says sales growth is crawling
THE world’s largest tractor and excavator manufacturer Caterpillar slashed its full-year profit forecast yesterday, saying dealers were pulling back on orders because of the sluggish economy. It now expects revenues of $66bn (£41.2bn), down from $68bn to $70bn predicted earlier. Third quarter profit was $1.7bn, compared to $1.14bn reported last year. Revenue rose five per cent to $16.45bn.
Texas Instruments profits up despite revenue dip
CHIPMAKER Texas Instruments posted a profit increase for the third quarter, despite a drop in sales. The company, which has also forecast a weak fourth quarter, saw profit of $784m (£490m), up from $601m a year ago. Meanwhile revenue declined to $3.39bn from $3.47bn last year. The firm said it expects revenue of $2.83bn to $3.07bn this quarter.
Hasbro’s tight rein on costs helps to beat forecasts
HASBRO topped Wall Street profit expectations yesterday as better inventory management and cost controls helped offset weak sales at the second-largest US toymaker. Hasbro said it expects revenue and earnings per share to increase for the full-year, excluding the impact of foreign exchange. Net profit in the third quarter fell to $164.9m (£103m) from $171m a year ago.
Freeport falls on production slump
FREEPORT-McMoRan Copper & Gold yesterday reported a 22 per cent slide in third quarter profit, based on lower production and sales. The company earned $824m (£515m), compared with $1.05bn a year ago, with those earnings boosted by a one-off gain. Revenue fell 15 per cent to $4.4bn from $5.2bn. Gold production fell 47 per cent, with sales down by half.