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Caterpillar posts lower results, cuts outlook on mining weakness
October 23, 2013 / 11:53 AM / 4 years ago

Caterpillar posts lower results, cuts outlook on mining weakness

CHICAGO, Oct 23 (Reuters) - Caterpillar Inc on Wednesday posted a lower-than-expected quarterly profit and cut its full-year forecast yet again as weak demand from mining customers continued to bedevil the heavy equipment maker.

The Peoria, Illinois-based company also provided its first forecast for 2014 sales, saying it expects revenue to be essentially flat to up or down 5 percent compared with 2013.

Caterpillar, the world’s largest maker of earth-moving equipment, reported a third-quarter profit of $946 million, or $1.45 a share, down from $1.7 billion, or $2.54 a share, in the year-ago quarter.

Total sales and revenue fell 18 percent to $13.4 billion.

Analysts expected the company to report earnings of $1.66 a share, according to Thomson Reuters I/B/E/S.

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