News

HARTFORD, CT – United Technologies Corp. reported first-quarter revenue dropped 12% from last year to $12.25 billion. Profit fell 28% for the quarter.
 
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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.

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