July 17, 2002 |
Caterpillar Inc. said second-quarter net income fell 26%, far below estimates, and lowered its estimate for full-year profit because of declining spending on bulldozers and backhoes. Shares of the No. 1 maker of earthmoving equipment fell 4.9% after the company said net income fell to $200 million, or 58 cents a share, from $271 million, or 78 cents, in the year-earlier quarter. Sales fell 3.6% to $5.
October 15, 2002 |
Caterpillar Inc., the world's second-biggest maker of heavy-duty diesel engines, said it would lay off as many as 3,270 workers at Illinois and Georgia plants that make truck engines because of slowing demand. Caterpillar and rivals such as DaimlerChrysler's Detroit Diesel unit are laying off workers as heavy-truck demand declines because of tougher U.S. truck-engine pollution rules that took effect this month.