Share price drops more than 6% following Q3 profits of less than $1 billion.
Caterpillar Mining News
Targeting support and management positions.
Joy Global reports 36% drop in orders.
CAT's revenue in the resource segment, which is dominated by mining, plunged 34%.
Experts say mining services providers’ earnings will continue to fall this year.
"It is not just about the tools in your tool box."
Analyst warns that major mining companies’ current focus on returns will reduce supply growth and lead to higher commodity prices.
Total workers down to 500.
Coming to grips with CAT's size and dominance
Emory Williams, who was one of the largest individual shareholders of ERA, said he was “shocked, dismayed and surprised” by Caterpillar's claim allegations that accounting misconduct took place before the deal closed.
Financial Times is reporting that Deloitte was in charge of auditing the working capital for ERA, while Ernst & Young conducted overall evaluation of the transaction.
China's Siwei mislead Cat over its profitability ahead of takeover.
Canadian heavy equipment dealer Finning International (TSX:FTT) said Thursday it has been awarded contracts worth a total of $497 million from several Chilean mining companies.
Caterpillar has announced similar transactions with other dealers over the last several months.
Hiring truck drivers to work in remote locations is expensive.
Shares in Caterpillar Inc (NYSE:CAT), the world's largest earth-moving equipment maker, fell 2.2% after hours as the company cut its 2015 profit outlook. The company warned weaker commodity prices would result in a bigger-than-expected decline in demand, worsened by mining companies scaling back expansions and shelving major projects.
Illinois Governor, Pat Quinn, exercised his veto power late on Friday to reject a bill that would have forced natural gas utilities to acquire synthetic gas at prices double the current market rate for the next 30 years.
Caterpillar builds machines for digging up the earth. When countries grow, they need more machines. When they stop growing, they need fewer. That's one reason why a company like Caterpillar, while perhaps not as sexy as Apple or Goldman Sachs, actually paints a better picture of the world economy than almost any other big corporation.
Caterpillar Inc (NYSE:CAT), the world's largest earth-moving equipment maker, raised its 2012 profit forecast on Wednesday based on its quarterly profit report, which beat by far most of Wall Street's gloomy outlooks.
Strong demand for Caterpillar Inc.'s (NYSE:CAT) construction and mining equipment in North American continues to offset slow sales elsewhere in the world, as the company reported Wednesday an increase of 11% in global sales in the three months to the end of May.
Earth-moving equipment maker Caterpillar (NYSE:CAT) will work with Canadian Westport Innovations (TSX:WPT) to develop natural gas-powered engines for mining trucks, locomotives and other heavy equipment that typically uses diesel.
Students in the mining and nuclear engineering department at Missouri University of Science and Technology will soon gain valuable hands-on training in heavy mining machinery, surface mining methods and materials handling systems in Missouri S&T’s new Virtual Surface Mining Facility.
About 800 workers at a Caterpillar plant in Joliet, Illinois went on strike early Tuesday morning less than two days after rejecting a six-year contract that included a $5,000 ratification in payment and participation in the company’s annual bonus plan.
Caterpillar Inc. (NYX:CAT), the world’s largest manufacturer of earthmoving equipment by revenues, injected some optimism on the U.S. economy today, after announcing profits for the first quarter well above of Wall Street expectations.
It hasn't been long since Caterpillar Inc looked like the typical resident of the Rust Belt. Having misjudged how deep the U.S. economy would decline, the world's largest maker of construction machinery reduced its workforce by 33,000 people worldwide in 2009, closed plants and posted lower profits.