PEORIA, Ill. (AP) — Caterpillar Inc. on Thursday reported a loss of .3 billion in its fourth quarter, driven down by a hefty charge related to tax reform.
On a per-share basis, the Peoria, Illinois-based company said it had a loss of .18. Results in the latest quarter include a tax-related charge of .4 billion, or .91 per share. Excluding that, restructuring costs and other items, Caterpillar earned .16 per share, topping the average estimate of .77 per share, according to Zacks Investment Research.
The construction equipment company posted revenue growth of 35 percent to .9 billion, also beating Street forecasts. Six analysts surveyed by Zacks expected .01 billion.
“After four challenging years, many key markets improved in 2017, and our global team delivered strong results,” CEO Jim Umpleby said in a statement. “We remained focused on operational excellence and made early investments in profitable growth initiatives as we began to implement our new strategy.”
Looking ahead, Caterpillar expects full-year adjusted earnings in the range of .25 to .25 per share.
Caterpillar shares have fell .88, or 2.3 percent, to .46 in morning trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CAT at https://www.zacks.com/ap/CAT