Peoria -- 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 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.
Shares of Caterpillar Inc. fell almost 2
percent in premarket trading Wednesday.