Caterpillar Inc. offered a downbeat revenue and profit forecast for its first quarter, though it backed its full-year guidance, as the company continues to see its business challenged by falling demand.
Shares, up by about 15% in the past three months, fell 3.2% to $71.99 premarket.
Caterpillar, in a regulatory filing Thursday morning, said it anticipates first-quarter sales and revenues to be in a range of $9.3 billion to $9.4 billion, below the $10.34 billion expected by analysts in a poll by Thomson Reuters.
The company expects profit in the quarter to be in a range of 50 cents to 55 cents a share, and excluding restructuring costs, adjusted profit is expected to be 65 cents to 70 cents a share. Analysts, on average, had expected 97 cents.
Still, the company affirmed its full-year guidance for 2016 sales and profit, with profit per-share of $3.50 to $4, and sales and revenues in a range of $40 billion to $44 billion.
Representatives of Caterpillar provided the guidance update at a conference in London.
The Peoria, Ill.-based company has said depressed prices for mining commodities, lower oil prices, a stronger U.S. dollar and weak construction demand are weighing on sales of its bulldozers, excavators, giant dump trucks and engines.
The company is expected to next report earnings in April.
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