CHICAGO — Caterpillar reported a lower third-quarter profit on Tuesday and gave a downbeat forecast, saying demand for its new machinery was suffering because of global economic weakness and an abundance of used equipment.The world’s largest construction and mining equipment maker also cut its full-year revenue outlook for the second time while increasing its estimate of 2016 restructuring costs.Shares of Caterpillar were down 1% at $85.17.The company, which last year had announced plans to cut jobs and close factories, expects its challenges to persist into next year, CEO Doug Oberhelman said in a statement."In North America, the market has an abundance of used construction equipment, rail customers have a substantial number of idle locomotives, and around the world there are a significant number of idle mining trucks," Oberhelman said.The company said it expected construction-related equipment sales for the remainder of 2016 and into 2017 to be lower previously anticipated."Many o...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.