Still reeling from a drop in demand for commodities, Caterpillar Inc. missed Wall Street expectations on Oct 22, reporting third-quarter profit of only $368 million, including $101 million in restructuring costs. This total represents a 64% drop since last year on revenues of $11 billion, down 19% from last year. Chairman and CEO Doug Oberhelman attributed the slip to an “extremely challenging” environment in the mining and oil-and-gas markets. Cat expects overall sales to be $48 billion this year and down 5% next year. Sales of construction equipment is expected to remain flat or slide 5% as growth in developed global markets offsets declines in emerging ones, while sales of energy- and transportation-related equipment is expected to slide 5% to 10%.
Caterpillar Misses Q3 Earnings
October 30, 2015