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 per cent 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 per cent to $13.4-billion.
Analysts expected the company to report earnings of $1.66 a share, according to Thomson Reuters I/B/E/S.