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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