Caterpillar 3rd quarter earnings tumble 44 per cent, 2013 outlook also drops again
PEORIA, Ill. – Caterpillar says its third-quarter earnings plunged 44 per cent, and the construction equipment maker cut its 2013 forecast again, partly because of weaker mining equipment sales.
The Peoria, Ill., 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 per cent 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 per cent in premarket trading.
News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.
Leave a Reply
You must be logged in to post a comment.