Copyright Reuters 2016

(Copyright Reuters 2016)

Caterpillar posts lower third-quarter earnings

Markets Reuters

Caterpillar Inc on Tuesday reported a sharply lower quarterly profit as global economic weakness slowed the sale of new machinery amid an abundance of available used equipment.

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Caterpillar, the world's largest construction and mining equipment maker, reported a third-quarter profit of $283 million, or 48 cents per share, down from $559 million, or 94 cents per share, a year earlier.

Earnings per share were 85 cents, excluding restructuring costs.

(Reporting by Meredith Davis in Chicago; Editing by Lisa Von Ahn)