Caterpillar blames mining for Q3 profit slump
Oct 23, 2013 | 03:36 PM
| Corinna Petry
CHICAGO Caterpillar Inc. posted third-quarter net income of $946 million, down 44.3 percent from nearly $1.7 billion in the same period last year on sales that dipped 18.4 percent to $13.42 billion.
The Peoria, Ill.-based heavy equipment manufacturer said it now expects sales to total $55 billion this year compared with a previous forecast of $56 billion to $58 billion.
"This year has proven to be difficult, with expected sales and revenues nearly $11 billion lower than last year. That is a 17-percent decline from 2012, with about 75 percent of the drop from (the) Resource Industries (division), which is principally mining," Caterpillar chairman and chief executive officer Douglas R. Oberhelman said during a conference call Oct. 23. "We expect Resource Industries to be down close to 40 percent for the full year....
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