Caterpillar makes all types of construction and mining equipment, a great bellwether for the economy with a market capitalization of $23.7 billion.
When Maria spoke to Jim Owens, CEO of Caterpillar he gave us insight as to where the business is going and it was clear we are not out of the woods yet.
Owens said, “It was a challenging quarter in many respects. Caterpillar’s top line sales and revenues were off 41%”. Year-to-date the stock is down nearly 12%.
Caterpillar One Year Chart:
However, Owens said “Caterpillar is positioning itself to be profitable in a very, very difficult market. This is the most severe correction in the global economy and certainly key markets that we serve since the '30s and for our company to sustain profitability I think it’s quite an achievement and one that I’m confident we can continue to deliver on as we go through the year”.