Construction and mining equipment maker Caterpillar today lowered its profit and revenue outlook from between $68 and $70 billion to about $66 billion, citing weaker economic conditions than previously anticipated.
Dealers have lowered order rates below user demand to reduce inventories, in turn lowering production, the Peoria, Ill.-based company said.
Profit in the third quarter, ending Sept. 30, was $1.7 billion, a 48.9 percent increase year-over-year from $1.1 billion, including the sale of a majority interest in its third-party logistics business.
Quarterly revenue was $16.4 billion, a 4.6 percent increase from $15.7 billion in the same period last year.
The company expects revenue in 2013 to be about the same as in 2012, give or take 5 percent.