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Caterpillar swings to loss in Q4

Caterpillar Inc. said its normalized net income for the fourth quarter amounted to a loss of 53 cents per share, compared with the S&P Capital IQ consensus estimate of 67 cents per share.

The per-share result swung to a loss from the prior-year profit of 40 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $312.8 million, compared with income of $231.6 million in the year-earlier period.

The normalized profit margin fell to negative 3.3% from 2.1% in the year-earlier period.

Total revenue declined 13.2% on an annual basis to $9.57 billion from $11.03 billion, and total operating expenses fell 5.3% on an annual basis to $9.97 billion from $10.53 billion.

Reported net income totaled a loss of $1.17 billion, or a loss of $2.00 per share, compared with a loss of $89.4 million, or a loss of 16 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled $1.51 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.26.

EPS declined from $4.23 in the prior year.

Normalized net income was $885.1 million, a fall from $2.54 billion in the prior year.

Full-year total revenue fell year over year to $38.54 billion from $47.01 billion, and total operating expenses decreased on an annual basis to $36.65 billion from $42.35 billion.

The company said reported net income totaled a loss of $64.3 million, or a loss of 11 cents per share, in the full year, compared with income of $2.51 billion, or $4.18 per share, the prior year.