CAT Halted After 15% Post-Trump Spike: Warns Estimates “Too Optimistic”, Announces Cost Cuts, Layoffs
After soaring over 15% in the post-Trump period, Caterpillar shares are halted this morning ahead of a presentation at Credit Suisse Annual Industrial Conference. The presentation shows cost cuts, layoffs, and admits that 2017 consensus estimates are “too optimistic.”
CATERPILLAR ON TRACK FOR OVER $2B COST REDUCTION FOR 2016 CAT: COST CUTS INCL COMBINED/REDUCED FUNCTIONS, FEWER PEOPLE CAT: FIRST CALL 2017 CONSENSUS ESTIMATE $3.25 TOO OPTIMISTIC CAT: FIRST CALL ’17 CONSENSUS EST. $38B SALES TOO OPTIMISTIC
This post was published at Zero Hedge on Dec 1, 2016.