Earlier this year its fourth-quarter profits were more than cut in - TopicsExpress

Earlier this year its fourth-quarter profits were more than cut in half, falling to $697 million from $1.5 billion, as revenues tumbled almost 7%. More damaging, though, was having to write off $580 million in goodwill related to an acquisition it made in China that went awry amid an accounting scandal. Last month it reported global retail machine sales fell 13% during a three-month period ended in February as sales in the Asia-Pacific region plummeted 26%. With fourth-quarter construction revenues down 32%, and off an average 23% everywhere else in the world, Caterpillar really has few choices but to cut jobs.

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