{"id":1335,"date":"2016-04-23T15:52:10","date_gmt":"2016-04-23T15:52:10","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=1335"},"modified":"2016-04-23T15:52:10","modified_gmt":"2016-04-23T15:52:10","slug":"were-close-to-the-bottom-caterpillar-ceo","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/were-close-to-the-bottom-caterpillar-ceo\/","title":{"rendered":"We&#8217;re close to the bottom &#8211; Caterpillar CEO"},"content":{"rendered":"<p><a href=\"http:\/\/www.caterpillar.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Caterpillar<\/a> on Friday reported earnings that fell short of analyst expectations and lowered its midpoint 2016 revenue outlook.<\/p>\n<p>The heavy equipment giant blamed a continuing slump in demand.<\/p>\n<p>&#8220;We&#8217;re close to the bottom or bottoming,&#8221; Chairman and CEO Doug Oberhelman told CNBC&#8217;s &#8220;Squawk Box.&#8221; He said he hopes 2016 is the last down year.<\/p>\n<p>Citing a bright spot, Oberhelman said: &#8220;We&#8217;ve seen actually an adjustment upwards in China in the first quarter, which is kind of nice. It&#8217;s the first time we&#8217;ve talked about that in a couple [or] three years.&#8221;<\/p>\n<p>&#8220;China is stimulating and they&#8217;ve added a little debt to their GDP forecast,&#8221; he said. &#8220;We&#8217;re feeling some of that in large products. Hopefully, that will be sustained; something they do throughout the rest of the year.&#8221;<\/p>\n<p>Overall, Caterpillar posted adjusted first-quarter earnings of 67 cents a share. Revenue of $9.5 billion was better than expected but fell 25 percent from the year-ago period. The company earned $2.07 per share in the first quart of 2015.<\/p>\n<p>The company also narrowed its first-quarter 2016 revenue outlook range to $40 billion to $42 billion from $41 billion to $42 billion, blaming lower sales from the transportation and mining sectors.<\/p>\n<p>The company also cut its 2016 adjusted earnings outlook to $3.70 a share from $4 a share.<\/p>\n<p>Restructuring costs are now expected to be about $550 million in 2016, up $150 million from the previous outlook.<\/p>\n<p>&#8220;We&#8217;re going to do a little bit more restructuring than we had planned, which is good for the future,&#8221; Oberhelman told CNBC. &#8220;We&#8217;ll adjust headcount as necessary. Right not, we&#8217;re in pretty good shape, I think, for the rest of 2016.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Caterpillar on Friday reported earnings that fell short of analyst expectations and lowered its midpoint 2016 revenue outlook. The heavy equipment giant blamed a continuing slump in demand. &#8220;We&#8217;re close to the bottom or bottoming,&#8221; Chairman and CEO Doug Oberhelman told CNBC&#8217;s &#8220;Squawk Box.&#8221; He said he hopes 2016 is the last down year. Citing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>We&#039;re close to the bottom - Caterpillar CEO - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/were-close-to-the-bottom-caterpillar-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We&#039;re close to the bottom - Caterpillar CEO - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Caterpillar on Friday reported earnings that fell short of analyst expectations and lowered its midpoint 2016 revenue outlook. The heavy equipment giant blamed a continuing slump in demand. &#8220;We&#8217;re close to the bottom or bottoming,&#8221; Chairman and CEO Doug Oberhelman told CNBC&#8217;s &#8220;Squawk Box.&#8221; He said he hopes 2016 is the last down year. 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