Worldwide Construction Slowdown Hits Caterpillar in 3Q
Trading Advantage President Larry Levin, BubbaTrading.com’s Todd Horwitz and FBN’s Ashley Webster and Liz MacDonald on the outlook for McDonald’s, Caterpillar and gas prices.
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)