CAT Fraud- Raising Forecasts on More Subsidized Financing
JBHanauer & Co. (CAT) Reit Outperform
During a presentation at MINExpo 2004, Caterpillar raised its revenue forecast for 2004 and reconfirmed its EPS outlook, citing unprecedented recovery across all major business lines. They also provided a bullish first look at 2005, with strong suggestion that markets should continue to grow in 2006 and beyond. Sales in 2004 are now projected to grow 25%-30% to about $29 billion including their credit company (just under $27 billion without), compared with its recent projection (July) of a gain of about 25% (revised from its prior estimate of up 20%). The company reiterated its forecast for EPS to grow 80%-85% to $5.65-$5.80. Sales in 2005 are projected to increase by about 10%, easily surpassing the $30 billion target it had set for 2006.
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