Worldwide Construction Slowdown Hits Caterpillar in 3Q

Caterpillar Inc (NYSE:CAT) on Thursday reported a lower quarterly net profit as global machinery sales fell during the third quarter as worldwide construction activity, mining and drilling for oil and gas remained severely weak.

The company reported a third-quarter net income of $368 million, or 62 cents per share, down from $1.02 billion, or $1.63 per share diluted, a year earlier.

Earnings per share excluding restructuring costs were at 75 cents, compared with $1.72 in the same quarter a year earlier. Analysts expected earnings of 78 cents a share.

Shares of Caterpillar fell about 2.6 percent in pre-market trading to $67.80.

(Reporting By Meredith Davis; Editing by Chizu Nomiyama)