Caterpillar says Wall Street's 2017 profit estimate 'too optimistic'

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The CAT logo is seen on back of a Caterpillar excavator machine at a work site in Detroit, Michigan January 25, 2013.   REUTERS/ Rebecca Cook

The CAT logo is seen on back of a Caterpillar excavator machine at a work site in Detroit, Michigan January 25, 2013. REUTERS/ Rebecca Cook (Copyright Reuters 2016)

Caterpillar Inc , the world's largest construction and mining equipment maker, said Wall Street's earnings expectations for 2017 were "too optimistic" as oil prices continued to remained volatile.

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Analysts on average were expecting 2017 earnings of $3.25 per share and revenue of $38 billion, according to Thomson Reuters I/B/E/S.

However, the company said analysts' average sales estimate for 2017 was a reasonable midpoint expectation. (http://bit.ly/2gDe4x3)

The company said in October it did not expect 2017 to be very different from 2016. For 2016, the company had then forecast adjusted earnings of $3.25 per share and revenue of about $39 billion.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)