Cat Posts First Quarterly Loss In 17 Years

Caterpillar Inc. reported a first-quarter loss compared with a year-ago profit, hurt by a big charge for layoffs and sharp sales declines across the globe. The loss was Caterpillar’s first since 1992. Caterpillar posted a loss of $112 million in the quarter ended in March, including quarterly charges for layoffs of $558 million. During the same period a year earlier, the company earned $922 million.

The company said quarterly revenue dropped 22% to $9.22 billion. The company also cut its 2009 profit forecast. It now expects profit of $35 billion, down from an earlier projection of $40 billion. Analysts expect profit of $39.04 billion.