Caterpillar Posts $1.3 Billion Loss After Tax Reform

PEORIA, IL — Caterpillar Inc. on Thursday reported a loss of $1.3 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 $2.18. Results in the latest quarter include a tax-related charge of $2.4 billion, or $3.91 per share. Excluding that, restructuring costs and other items, Caterpillar earned $2.16 per share, topping the average estimate of $1.77 per share, according to Zacks Investment Research.

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The construction equipment company posted revenue growth of 35 percent to $12.9 billion, also beating Street forecasts. Six analysts surveyed by Zacks expected $12.01 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 $8.25 to $9.25 per share.
Caterpillar shares have fell $3.88, or 2.3 percent, to $164.46 in morning trading.
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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

AP Photo/Gene J. Puska