By Paul Price
Global heavy equipment manufacturer Caterpillar reported Q1 numbers this morning. To nobody's surprise profits were down 45% year-over-year to $1.31. Disappointing approximate numbers were pre-announced last week, prior to the official earnings release. That's why the shares had fallen to near a two-year low ahead of today's news.
Management now indicates about $7 in EPS is likely for the full year 2013.
Contrarian souls won't be shocked to learn that the bad news, which was expected, has allowed for the pre-market price of CAT to be higher than last Friday's closing quote. As of 8:25 a.m. est, CAT was trading for about $81.28 /share. CAT went ex-dividend last Thursday for 52-cents per share.