PEORIA, IL – Caterpillar reported first-quarter revenues fell 22% from last year to $9.22 billion.
Net loss was $112 million, compared to a $922 million profit last year. The company’s last quarterly loss was in 1992.
Included in the amount is $558 million in redundancy costs associated with extensive cuts to its workforce. The company plans to eliminate 22,000 jobs worldwide as a result of the decline in new orders.
Caterpillar has also cut its profit forecast for the year from $36 billion/$44 billion to $31.5 billion/$38.5 billion.