GST, did you notice this gem from Peoria? AAPL shareholders should be glad that that company's warning wasn't as harsh as CAT's:
Reuters Finance News
Caterpillar Warns Net Won't Meet Forecast
Sep 29 5:32pm ET
PEORIA, Ill. (Reuters) - Caterpillar Inc. (CAT.N), the world's largest maker of construction and mining equipment, on Friday said it expects its third-quarter profits to be about 15 percent below analysts' consensus estimate of 68 cents per share.
However, the Peoria, Ill.-based company, the latest company in its industry to issue a profit warning for the latest quarter, said its outlook for the full year remains unchanged, with revenues expected to improve slightly over 1999 and profit expected to increase moderately.
In 1999, Caterpillar reported sales and revenues of $19.7 billion and profit of $946 million or $2.63 per share.
Caterpillar, which issued its warning after the stock market closed, said a smaller-than-expected profit in the latest quarter stemmed from weakness in the euro and pound sterling, continued softness in the North American construction and global mining industries, significant and accelerating weakness in the market for truck engines and the impacts of high energy costs and continued severe competitive price pressures.
The company is scheduled to report its full results on October 17. It said it will comment further on its business and provide an industry outlook for 2001.
Caterpillar said it is redoubling its efforts to aggressively reduce costs this year.
Caterpillar shares closed 1/4 lower at 33-3/4 on the New York Stock Exchange.
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