Caterpillar Profit Dips; 2019 Outlook Cut
Caterpillar Inc reported a 13.5% fall in quarterly profit on Wednesday, hit by weak demand in its construction and resources units, and the company cut its 2019 profit forecast.
Profit attributable to common stockholders fell to $1.49 billion, or $2.66 per share, in the third-quarter ended Sept. 30, from $1.73 billion, or $2.88 per share, a year earlier.
Total sales and revenue fell 5.6% to $12.76 billion.
The world's biggest construction and mining equipment maker cut its 2019 earnings expectation to $10.90 to $11.40 per share, compared with its previous estimate of $12.06-$13.06.
Reporting by Rachit Vats