Caterpillar reported lower quarterly earnings Tuesday amid a weak outlook for oil and metal commodities and said it lined up additional sources of cash to navigate an uncertain period.
Shutdowns in the wake of the coronavirus outbreak have battered commodity prices. Caterpillar cautioned that its second quarter would be “more significantly impacted" by COVID-19 than the first quarter, according to a company presentation.
Net income fell 41.9 percent to $1.1 billion.
Revenues fell 21 percent to $10.6 billion.
The industrial giant reported lower first-quarter sales across its businesses, which build equipment used by construction, mining and energy companies.
The company withdrew its full-year financial forecast in March as the COVID-19 crisis shuttered major economies and obliterated demand for oil and industrial metals. Caterpillar this month raised $2 billion in cash by issuing new corporate bonds and arranged $8 billion in liquidity through additional bank facilities.