Caterpillar Inc reported a lower quarterly profit on Wednesday and cut its outlook for the year, saying its independent dealers were focused on reducing machine inventories.
The company, the world's largest maker of mining and construction equipment, reported second-quarter earnings of $960 million, or $1.45 a share, down from $1.70 billion, or $2.54 a share, a year earlier.
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Caterpillar, which also makes locomotives, gas turbines and diesel engines and generators, said sales fell nearly 16 percent to $14.62 billion.
Caterpillar said it expected to report a full-year profit of about $6.50 a share, down from a previous estimate of $7.
The company forecast full-year sales at $56 billion to $58 billion, down from its previous estimate range of $57 billion to $61 billion.
Shares of Caterpillar were down 1.2 percent at $84.50 in trading before the market opened.
(Reporting by James B. Kelleher; Editing by Gerald E. McCormick and Lisa Von Ahn)