P.M. BRIEFING : Caterpillar Starts Hiring Freeze

Caterpillar Inc. today announced that it has implemented a white-collar hiring freeze after the company’s profit fell short of last year’s performance for the second consecutive quarter despite record sales.

Caterpillar earned $99 million in the first three months of 1990, a 30% decline from from last year, when the first-quarter profit was $141 million.

The quarterly income translates to 97 cents per share of common stock for Peoria-based Caterpillar, the world’s largest manufacturer of earthmoving equipment. In the first quarter of 1989, per-share income was $1.39.

The hiring freeze applies to all management or salaried employees, said Len Kuchan, Caterpillar treasurer. Kuchan said no layoffs of salaried or blue-collar workers are anticipated in 1990, although they could occur if the nation’s economy sinks into a recession.