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Caterpillar Cuts 2015 Profit Outlook

Tue, 09/25/2012 - 1:59pm
The Associated Press

LAS VEGAS (AP) — The world's largest maker of construction and mining equipment is lowering expectations for its profit in 2015 because of slower-than-expected growth in the global economy.

Caterpillar Inc. had previously said it expected to earn $15 to $20 per share in 2015. It's now saying it expects to earn $12 to $18 per share on revenue of $80 billion to $100 billion.

The company, based in Peoria, Ill., says it expects sales growth to pick up in 2014 and 2015 amid a "modest" global economic expansion.

Caterpillar shares fell more than 2 percent in aftermarket trading following the announcement.

The company gave its guidance at a mining conference in Las Vegas.

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