NEW YORK (S&P Global Ratings) Feb. 3, 2020--S&P Global Ratings today said that Caterpillar Inc.'s (A/Stable/A-1) reported fourth-quarter 2019 results were consistent with our expectation for decelerating industrial demand. The company's sales and revenue began to decline in the third quarter of 2019 and weakened further in the fourth quarter. The demand for heavy equipment in Caterpillar's construction, mining, and oil and gas end markets remained depressed as customers and dealers delayed their purchases amid the uncertain macroeconomic climate. For full-year 2019, the company's reported sales and revenue contracted by a modest 2% while its operating profit remained relatively flat on favorable price realization, cost controls, and an improved performance in its Financial Products segment. Caterpillar's initial 2020 guidance assumes
