Caterpillar Inc. lost $404 million in 1991,...

Caterpillar Inc. lost $404 million in 1991, most of it in the final three months, as it paid to close factories, faced a work stoppage and lost sales revenue around the world.

The Peoria, Ill.-based heavy equipment manufacturer said the chief cause of the loss was a 12% drop in revenue in 1991, to $10.1 billion.

In the three months that ended Dec. 31, the company lost $318 million, or $3.16, on revenue of $2.46 billion.

In the same period the year before, it made $11 million, or 11 cents per share, on revenue of $2.76 billion.

The company took a $324-million pretax charge in the quarter and $373 million for the year, primarily to pay for plant closings and consolidations.

In 1990, the company earned $210 million, or $2.07 per share.