Caterpillar beats estimates

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Caterpillar Inc. reported fourth-quarter profits that topped analysts’ estimates, Bloomberg reported. Net income fell to $1.04 a share from $2.32 a year earlier. Profits excluding a $580 million write-down on its ERA Mining Machinery Ltd. unit in China were $1.91 a share, the Peoria, Ill.-based company said in a statement today. The average of 22 estimates compiled by Bloomberg was for per-share profits of $1.70. Sales fell to $16.1 billion, matching the average of 14 estimates. Read more.