suntimes
BUMPY 
Weather Updates

Caterpillar 3Q earnings tumble 44 percent

Caterpillar says its third-quarter earnings plunged 44 percent constructiequipment maker cut its 2013 forecast agapartly because weaker mining equipment sales.

Caterpillar says its third-quarter earnings plunged 44 percent, and the construction equipment maker cut its 2013 forecast again, partly because of weaker mining equipment sales. | AP Photo

storyidforme: 56781399
tmspicid: 20772859
fileheaderid: 9684217

PEORIA — Caterpillar says its third-quarter earnings plunged 44 percent, and the construction equipment maker cut its 2013 forecast again, partly because of weaker mining equipment sales.

The Peoria company says it earned $946 million, or $1.45 per share, in the quarter that ended Sept. 30. That compares with $1.7 billion, or $2.54 per share, in last year’s quarter.

Revenue tumbled 18 percent to $13.42 billion.

Analysts forecast earnings of $1.68 per share on $14.29 billion in revenue.

Caterpillar Inc. now expects 2013 earnings of about $5.50 per share, down $1 from its previous forecast. It also dropped revenue expectation to about $55 billion from $56 billion to $58 billion. The company also lowered its earnings and revenue expectations in July.

Caterpillar shares fell more than 4 percent in premarket trading.



© 2014 Sun-Times Media, LLC. All rights reserved. This material may not be copied or distributed without permission. For more information about reprints and permissions, visit www.suntimesreprints.com. To order a reprint of this article, click here.