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updated: 10/23/2013 7:38 AM

Caterpillar 3Q earnings tumble 44 percent

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  • Peoria-based Caterpillar says its third-quarter earnings plunged 44 percent, and the construction equipment maker cut its 2013 forecast again, partly because of weaker mining equipment sales.

      Peoria-based Caterpillar says its third-quarter earnings plunged 44 percent, and the construction equipment maker cut its 2013 forecast again, partly because of weaker mining equipment sales.
    Associated Press

 
Associated Press

Peoria-based Caterpillar says its third-quarter earnings plunged 44 percent, and the construction equipment maker cut its 2013 forecast again, partly because of weaker mining equipment sales.

The company says it earned $946 million, or $1.45 per share, in the quarter that ended Sept. 30. That compares with earnings of $1.7 billion, or $2.54 per share, in last year's quarter.

Revenue tumbled 18 percent to $13.42 billion.

Caterpillar Inc. now expects 2013 earnings of about $5.50 per share, down $1 from its previous forecast. It also dropped revenue expectation to about $55 billion from $56 billion to $58 billion. The company also lowered its earnings and revenue expectations when it reported second-quarter results in July.

Caterpillar shares fell almost 4 percent in premarket trading.

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