DEERFIELD, Ill. (AP) — Caterpillar swung to a fourth-quarter profit but is still far short of Wall Street projections and shares are falling before the opening bell.
The company took a hit during the same quarter last year on a hefty charge related to tax reform.
The construction equipment company earned $1.05 billion, or $1.78 per share. A year earlier the Deerfield, Illinois, company lost $1.3 billion, or $2.18 per share.
Stripping out restructuring costs and other items, earnings were $2.55 per share, 43 cents short of analyst expectations.
Shares tumbled 6 percent in premarket trading Monday.
Revenue climbed to $14.34 billion, $12.9 billion, led by increased sales in its resource industries segment.
Caterpillar Inc. anticipates 2019 earnings in a range of $11.75 to $12.75, in line with expectations.
