Cat Profit Falls - Jobs Cut

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Peoria – Illinois based Caterpillar is lowering its full-year profit forecast.

The mining and construction equipment company has a major manufacturing plant in Decatur.  For the quarter ending March 31st the company reported $271 million compared to a year earlier when it earned $1.25 billion.

The company now says it anticipates sales and revenues of about $40 billion to $42 billion.  Its previous guidance was for $40 billion to $44 billion.

As of March 31st Caterpillar employed 114,300 people.  A year ago Cat had 129,400 employees. 

In January, Cat said it was cutting 670 jobs in Illinois and several other states.  The cutback is part of a three year plan announced in 2015 to reduce employment by 10,000 jobs.

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