Caterpillar on Tuesday reported a steeper-than-expected decline in first-quarter earnings, with sales falling across all regions and all primary business segments as the coronavirus pandemic devastated economies around the world. The Deerfield, Illinois-based heavy equipment manufacturer, considered a bellwether for economic activity, said the financial fallout of the health crisis in the quarter through June will be worse than the previous quarter.
CEO Jim Umpleby said the impact has been "significantly more severe and chaotic" than any cyclical downturn. Caterpillar did not provide a 2020 financial outlook after rescinding the previous forecast last month.