There was a nearly 10% spread between the high and low revenue estimate for the quarter, and a 45% spread for the EPS estimates. Caterpillar (NYSE:CAT) likewise has a large spread for its next quarter, but non-industrials like Wal-Mart and Procter & Gamble have much narrower spreads - suggesting there is a wide gulf between those optimistic about an ongoing recovery in heavy machinery and those looking for a slowdown or double-dip.
The Quarter that Was
Sales were a bit light in the July quarter, as the company missed the consensus guess by more than $200 million. Still, revenue did grow 18% and volume growth was responsible for the lion's share of it (up about 13%). The Ag and Turf businesses continue to perform reasonably well with 12% growth, while the Construction and Forestry business is bouncing back (up 59%) from a deep drop in the wake of the housing bubble.
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