Caterpillar revises expectations down
Oct 22, 2012 | 05:14 PM
| Corinna Petry
Tags
Caterpillar,
earnings results,
2013 outook,
mining equipment,
metals,
coal,
Mike DeWalt,
Ed Rapp
Doug Oberhelman
CHICAGO — Although mining, construction and agricultural equipment maker Caterpillar Inc. reported strong third-quarter and year-to-date earnings results, the company pulled back on its performance expectations for the rest of 2012 and into 2013.
Slower global economic growth, reduced capital spending among customers and excess dealer stock have led Caterpillar to begin reducing inventory from the raw material stage forward, with plans to temporarily close factories and lay off workers. Executives didn’t specify which factories face downtime and how many workers can expect to be laid off.
"End-user demand improved over last year but is not growing as fast as we projected it would," investor relations director Mike DeWalt said Monday during the Peoria, Ill.-based company’s earnings conference call.....
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