Caterpillar’s record year blemished by 4th-qtr. charge

Jan 28, 2013 | 03:24 PM | Corinna Petry

Tags  Cateripllar, earnings, heavy equipment, goodwill impairment charge, Doug Oberhelman, corinna petry

CHICAGO — Caterpillar Inc. posted record revenue of nearly $65.88 billion last year, up 9.5 percent from $60.14 billion in 2011, and net income jumped 15.3 percent to more than $5.68 billion from $4.93 billion.
But fourth-quarter net income of $697 million was down 54.9 percent from nearly $1.55 billion in the same period a year earlier, impacted by a goodwill impairment charge of $580 million related to accounting misconduct at a Chinese subsidiary Caterpillar acquired in the second quarter. A $2-billion decline in dealer inventories and....

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