Caterpillar Inc. (CAT) announced today its third-quarter earnings plunged 44 percent. The construction equipment maker also cut its 2013 forecast again, partly because of weaker mining equipment sales.
Caterpillar earned $946 million, or $1.45 per share, in the quarter that ended Sept. 30. That compares with $1.7 billion, or $2.54 per share, in last year’s quarter. Revenue fell 18 percent to $13.42 billion. Analysts had forecast earnings of $1.68 per share on $14.29 billion in revenue.
Caterpillar Inc. now expects 2013 earnings of about $5.50 per share, down $1 from its previous forecast. The company also dropped revenue expectations to about $55 billion from $56 billion to $58 billion. The company also lowered its earnings and revenue expectations in July.
Caterpillar shares were down more than 4 percent in premarket trading.
Caterpillar Inc. (CAT) is down -0.49% year-to-date.