Caterpillar reported second-quarter earnings fell 43 percent as dealers cut inventories more than the company expected. The world’s largest maker of construction and mining equipment cut its profit and revenue outlook for the year.
Caterpillar reported 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 as analysts surveyed had expected a profit of $1.69 per share on revenue of $15.09 billion.
Shares of Caterpillar Inc. are currently down -1.65%.
Caterpillar cut its full-year profit outlook from about $7 per share to $6.50. Revenue is now expected to come in between $56 billion and $58 billion, down from previous guidance of $57 billion to $61 billion.
Caterpillar Inc. (CAT) is down -4.56% year-to-date.