Author: Bianca Flowers
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Harley-Davidson profit skids, cuts yearly outlook on slowing demand
By Bianca Flowers and Kannaki Deka (Reuters) -Harley-Davidson Inc. missed Wall Street expectations on Thursday as profit declined 18% in the second quarter and slowing consumer demand in North America, its largest market, prompted the company to cut its sales outlook for the year. Despite disappointing earnings, shares for the Milwaukee-based company were up 5.3%.…
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Caterpillar’s shares fall on fears demand may have peaked
By Bianca Flowers and Aishwarya Nair (Reuters) -Heavy machinery maker Caterpillar Inc topped Wall Street expectations with a 31% rise in profit on Thursday but a flat order backlog left analysts thinking demand may have peaked and the shares tumbled. Profit in the first quarter was lifted by a boost in U.S. infrastructure spending which…
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Harley-Davidson rides boom in leisure spending, lifting profit and shares
By Bianca Flowers and Aishwarya Nair (Reuters) -Harley-Davidson Inc reported higher-than-expected quarterly profit on Thursday as a boost in bike shipments, coupled with strong pricing, allowed the motorcycle maker to navigate cost inflation and deliver on pent-up demand. Shares in the U.S. company rose as much as 9.6%, the biggest one-day move since last quarter’s…
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Caterpillar profit slides as costs and forex squeeze margins, shares down
By Bianca Flowers and Aishwarya Nair (Reuters) – Caterpillar Inc’s fourth-quarter earnings slid by 29%, the company reported on Tuesday, citing higher manufacturing costs and foreign currency effects that weighed on the industrial bellwether’s margins. The machinery maker has a robust $30 billion order backlog, but like other manufacturers it continues to grapple with supply…
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Fed’s Brainard says data may be aligning for ‘soft landing’ scenario
By Howard Schneider, Ann Saphir and Bianca Flowers WASHINGTON (Reuters) – Evidence in favor of a “soft landing” for the U.S. economy, in which inflation declines without major job losses, appears to be growing, Federal Reserve Vice Chair Lael Brainard said on Thursday in remarks that excluded any explicit policy preference for the U.S. central…
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Deere’s strong earnings aided by pricing boost, shares hit record high
By Bianca Flowers and Aishwarya Nair CHICAGO (Reuters) -Deere & Co on Wednesday posted a quarterly profit that easily beat Wall Street estimates with strong sales accelerated by price hikes for its agriculture and construction equipment, sending its shares to a record high. Despite supply chain challenges, the world’s largest farm equipment maker reported a…
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Caterpillar beats profit estimates on strong equipment demand; shares rise
By Bianca Flowers and Aishwarya Nair (Reuters) -Heavy-equipment maker Caterpillar Inc on Thursday topped Wall Street estimates for profit and revenue in the third quarter due to price increases and strong order activity from energy and mining customers. Shares of the world’s largest construction and mining equipment manufacturer rose 8.5% after it reported net income…