Caterpillar tamps down expectations for ’12, ’13
MINNEAPOLIS — Caterpillar says the world’s economy is weaker than it thought and that it doesn’t expect growth to pick up until the second half of next year. The company on Monday cut its 2012 revenue and profit guidance, and took a cautious view toward its performance in 2013.
Caterpillar predicted worldwide economic growth of 2.7 percent for next year, up from the 2.5 percent growth it expects for 2012. It expects the cheap lending offered in most countries to continue next year, although “growth has been slow to respond,” the company said.
Profit in the third quarter rose 49 percent to almost $1.7 billion, or $2.54 per share. That compares with profit of $1.14 billion, or $1.71 per share, a year earlier. Revenue rose 4.6 percent to $16.45 billion.
Analysts surveyed by FactSet had been expecting a profit of $2.21 per share.
Yahoo. The search-engine operator ushered in Marissa Mayer as its new CEO with a third-quarter earnings report that topped analyst estimates.
The results announced Monday show Yahoo’s net revenue barely grew at a time when advertisers are spending more money marketing their products and services online.
The company earned $3.2 billion, or $2.64 per share, in the three months ending in September. Most of that profit stemmed from a one-time gain of $2.8 billion that Yahoo pocketed by selling half its stake in Alibaba Group, one of China’s most successful Internet companies.
Hasbro. The toys wars are heating up, with Hasbro planning to beef up spending on advertising after reporting that its third-quarter results fell by 4 percent. For the three months ended Sept. 30, Hasbro Inc. earned $164.9 million, or $1.24 per share. That compares with $171 million, or $1.27 per share, a year earlier. The results topped expectations. Revenue slipped 2 percent to $1.35 billion.
First Bank Holding Co. The Lakewood-based holding company for the largest locally owned banking organization in Colorado said net income remained virtually unchanged at $121.32 million, compared with $122.12 million at the same point last year.
As of Sept. 30, the company’s total deposits were $11.1 billion, up 8 percent from last year. Total loans grew 20 percent to $5.9 billion.
Corporate earnings
