April 25, 2017 / 1:01 PM / 3 months ago

BRIEF-Caterpillar reports Q1 earnings of $0.32 per share

4 Min Read

April 25 (Reuters) - Caterpillar Inc:

* Caterpillar reports first-quarter 2017 results

* Q1 earnings per share $0.32

* Q1 sales $9.822 billion versus I/B/E/S view $9.11 billion

* Q1 earnings per share $1.28 excluding items

* Q1 earnings per share view $0.59 -- Thomson Reuters I/B/E/S

* Says current sales and revenues outlook for FY 2017 is now a range of $38 billion to $41 billion with a midpoint of $39.5 billion

* Sees FY 2017 earnings per share about $2.10

* Says for full year of 2017, Caterpillar expects profit per share of about $2.10 at midpoint of sales and revenues outlook range

* Says restructuring costs expected in 2017 significantly higher than prior outlook primarily due to ongoing manufacturing facility consolidations

* Says during Q1 of 2017, co incurred $752 million of restructuring costs

* Says dealer machine and engine inventories increased about $200 million in Q1 of 2017, compared to an increase of about $300 million in Q1 of 2016

* Says as of March 31, 2017, Cat Financial's allowance for credit losses totaled $346 million compared with $340 million at March 31, 2016

* Says at end of Q1 of 2017, past dues at Cat Financial were 2.64 percent, compared with 2.78 percent at end of Q1 of 2016

* Says restructuring costs expected in 2017 are significantly higher than prior outlook primarily due to ongoing manufacturing facility consolidations

* Says Caterpillar worldwide, full-time employment was about 95,300 at end of Q1 of 2017, compared with about 101,400 at end of Q1 of 2016

* Says as a result of a stronger than expected start to year, company's expectations for full-year 2017 sales and revenues have increased

* FY2017 earnings per share view $3.26, revenue view $38.27 billion -- Thomson Reuters I/B/E/S

* Says during Q1 of 2017, approximately $670 million charges were related to manufacturing facility in Gosselies, Belgium

* Says at end of Q1 of 2017, order backlog was about $14.8 billion, a $2.7 billion increase from end of 2016

* Says expects to incur about $1.25 billion of restructuring costs in 2017, an increase of $750 million from prior outlook

* Says there are "encouraging" signs, with promising quoting activity in many of markets we serve

* Says on March 27, co informed Belgian authorities of decision to proceed to collective dismissal, which will lead to closure of Gosselies site

* Says "there continues to be uncertainty across globe, potential for volatility in commodity prices, and weakness in key markets"

* Says closure of Gosselies site will impact about 2,000 employees

* Says production operations at Gosselies are expected to end by mid-year 2017

* Says Q1 2017 restructuring costs also include charges related to decision to move production from aurora facility into other U.S. facilities

* Says 2017 restructuring costs expectation includes restructuring costs for manufacturing facilities in Gosselies, Belgium, Aurora, Illinois

* Says for 2017, current outlook includes short-term incentive compensation expense of about $950 million, up from $750 million in previous outlook

* Says is seeing signs of recovery in several of industries it serves

* Sees 2017 profit per share excluding restructuring costs $3.75

* Says expects to incur additional restructuring costs during remainder of 2017 Source text for Eikon: Further company coverage:

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