Construction and mining equipment maker Caterpillar Inc (NYSE:CAT)on Tuesday reported a lower net profit that came in below market expectations, due primarily to the recent drop in the price of oil and lower prices for copper, coal and iron ore.
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The Peoria, Illinois-based company reported a fourth-quarter net profit of $757 million, down nearly 25 percent from $1.03 billion a year earlier.
Caterpillar reported earnings per share of $1.23, compared with $1.54 in the fourth quarter of 2013. Analysts had expected earnings per share for the quarter of $1.55.
(Reporting By Nick Carey)