World Economy

Caterpillar Posts Lower Earnings

Caterpillar Posts Lower EarningsCaterpillar Posts Lower Earnings

Caterpillar Inc on Tuesday reported a sharply lower third-quarter profit after global economic weakness and an abundance of available used equipment slowed sales of its new machinery. The world’s largest construction and mining equipment maker also lowered its full-year revenue outlook for the second time. It now expects about $39 billion, down from a range of $40.0 billion to $40.5 billion, Reuters reported. The company expects its challenges to persist into next year, Chief Executive Officer Doug Oberhelman said in a statement.


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