DEERFIELD, Ill. (AP) _ Caterpillar Inc. (CAT) on Tuesday reported first-quarter net income of $1.09 billion.
On a per-share basis, the Deerfield, Illinois-based company said it had net income of $1.98. Earnings, adjusted for non-recurring gains, were $1.60 per share.
The results missed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.76 per share.
The construction equipment company posted revenue of $10.64 billion in the period, which also missed Street forecasts. Five analysts surveyed by Zacks expected $11.13 billion.
Caterpillar shares have dropped 22% since the beginning of the year, while the Standard & Poor’s 500 index has fallen 11%. The stock has declined 15% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAT at https://www.zacks.com/ap/CAT
The Associated Press