July 31, 2020 / 10:24 AM / 14 days ago

Caterpillar quarterly earnings dive 70% y/y

CHICAGO, July 31 (Reuters) - Caterpillar Inc on Friday reported lower second-quarter earnings as a crippling recession sparked by the coronavirus pandemic made customers wary of big purchases, crimping equipment sales.

In the second quarter, the heavy equipment maker reported a profit of 84 cents per share, down 70.3% year on year.

Analysts surveyed by Refinitiv, on average, expected earnings of 68 cents per share. (Reporting by Rajesh Kumar Singh; editing by Jason Neely)

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