CAT Confident of Financial Position After Raids
📅 Thu May 04, 2017 - National Edition
After a series of high-profile raids by the FBI back in March, there has been a lot of concern by stock holders of the construction equipment manufacturer— but a recent SEC filing seems to dispel these fears.
"The company is unable to predict the outcome or reasonably estimate any potential loss; however, we currently believe that this matter will not have a material adverse effect on the company's consolidated results of operations, financial position or liquidity," the company stated.
The investigations were centered around the IRS interests in profits of Caterpillar's Swiss business.
After a strong first quarter in 2017, the company has risen above the negative attention and stocks have been on a steady rise since the end of April.