Reuters

(Reuters)

Caterpillar Cuts 2015 Earnings Forecast

By Features FOXBusiness

Caterpillar (CAT) downgraded its 2015 earnings targets on Monday as the world's largest construction equipment maker grapples with slowing global growth.

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The disappointing news sent shares of the blue-chip company sinking about 2% in after-hours trading.

Caterpillar said it now expects to generate 2015 earnings per share of $12 to $18, down from $15 to $20 earlier.

The company also forecast 2015 revenue of $80 billion to $100 billion.

Despite the gloomier view, Caterpillar CEO Doug Oberhelman said  the company doesn't believe a recession is "likely." However, Oberhelman said Caterpillar is "ready to act" if a recession does emerge.

Caterpillar's comments come as Oberhelman and other executives met with analysts in Las Vegas at MINExpo, the world's largest mining show.

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Shares of Peoria, Ill.-based Caterpillar dropped 2.17% to $88.90. The selloff threatens to knock the stock into the red on the year as it closed on Monday up just 0.3% in 2012.