WILMINGTON, DE – The fourth-quarter slump has seeped into first-quarter results for DuPont. The company reported revenue for the quarter fell 17% from last year to $7.27 billion, forcing a revision to its full-year earnings outlook.
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.