Industrial companies continue to feel the earnings pain
Caterpillar construction equipment. Photo: Justin Sullivan/Getty Images
Two more industrial companies, Caterpillar and 3M, disappointed with their corporate earnings as global trade concerns continue to weigh on results.
The big picture: 3M’s earnings and revenue came in way below what analysts expected, which the company blamed on the strong U.S. dollar for dragging down sales. Caterpillar’s earnings results actually beat estimates, but the construction equipment manufacturer said tariffs were pushing up its material costs.