Caterpillar reported its first quarterly loss in 17 years on Tuesday, amid plunging sales and the cost of laying off thousands of workers.
Caterpillar, which has eliminated about 25,000 full-time and temporary positions over the past few months, posted a first-quarter loss of $112 million, or 19 cents a share, compared with a year-earlier profit of $922 million, or $1.45 a share.
Sales and revenue dipped 22 percent, to $9.2 billion, as the worldwide economic downturn continues to weaken demand for Cat’s bulldozers, loaders, graders, log skidders and other heavy equipment.
“A great deal of uncertainty exists in the global economy, making it extremely difficult to know how our customers will respond during the remainder of 2009,” Caterpillar CEO Jim Owens said in a statement.
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