Caterpillar profit falls 13.5%; cuts 2019 profit outlook
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FILE PHOTO: A Caterpillar logo is pictured on the skid-steer loader at the construction site In Warsaw, Poland June 1, 2017. REUTERS/Kacper Pempel
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KACPER PEMPEL(Reuters)
(Reuters) – Caterpillar Inc <CAT.N> 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 in Bengaluru; Editing by Sriraj Kalluvila)
