22 Apr 2009

Trio report big losses

12:26 pm on 22 April 2009

Big financial losses are reported by three big North American companies.

Caterpillar has reported its first quarterly loss in 17 years, pulled into the red by more than $US500 million in charges from a wave of layoffs triggered by the recession.

The company is the world's largest maker of construction and mining equipment.

It lost $US112 million in the first three months of the year - a turnaround from a profit of $US922 million in the same period a year earlier.

Caterpillar has also slashed its full-year earnings and sales forecast.

Yahoo also plans to axe more jobs after a fall in quarterly profits.

The internet search engine company made $US118 million - a decrease of 78% on the same period a year earlier.

Yahoo intends to cut another 5% of its global workforce to counter a decline in revenue.

Coca-Cola reported a fall in profit to $US1.4 billion due to lower US sales and the effect of a stronger US currency on its revenue from overseas, where it makes the bulk of its earnings.

However, the company says it's still looking to meet its long-term target of 3% - 4% volume growth.