Caterpillar 2Q profit falls 43 pct; cuts outlook
PEORIA — Caterpillar says its second-quarter profit fell 43 percent as dealers cut inventories more than it had anticipated and the company cut its profit and revenue outlook for the year.
The world's largest maker of construction and mining equipment is reporting earnings of $960 million, or $1.45 per share, compared with $1.7 billion, or $2.54 per share a year ago. Revenue slid 15.8 percent to $14.63 billion.
That's well short of Wall Street's expectations. Analysts surveyed by FactSet had expected a profit of $1.69 per share on revenue of $15.09 billion.
The global mining industry is slowing because of slower growth in China and slower demand for mining gear.
Shares of Caterpillar Inc. fell almost 2 percent in premarket trading Wednesday.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.