Caterpillar 2Q profit falls 43 pct; cuts outlook
PEORIA, Illinois (AP) — Caterpillar says its second-quarter profit fell 43 percent as dealers cut inventories more than it had anticipated and the company cut its profit and revenue outlook for the year.
The world’s largest maker of construction and mining equipment, which has local operations in Houston for manufacturing mining equipment, is reporting earnings of $960 million, or $1.45 per share, compared with $1.7 billion, or $2.54 per share a year ago. Revenue slid 15.8 percent to $14.63 billion.
That’s well short of Wall Street’s expectations. Analysts surveyed by FactSet had expected a profit of $1.69 per share on revenue of $15.09 billion.
The global mining industry is slowing because of slower growth in China and slower demand for mining gear.