Caterpillar suspends some operations, pulls guidance

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Posted March 30, 2020

  • "Caterpillar is continuing to run the majority of its U.S. domestic operations and plans to continue operations in other parts of the world, as permitted by local authorities," the company writes in a press release.
  • "However, due to uncertain economic conditions resulting in weaker demand, potential supply constraints and the spread of the COVID-19 pandemic and related government actions, Caterpillar is temporarily suspending operations at certain facilities. The company will continue to monitor the situation and may suspend operations at additional facilities as the situation warrants. As a result, Caterpillar is withdrawing its financial outlook for 2020."
  • "Caterpillar's financial position remains strong. On a consolidated basis, Caterpillar ended 2019 with $8.3B of cash and available global credit facilities of $10.5B."
  • CAT -2.9% premarket

Source: seekingalpha