Caterpillar 2Q profit falls 77 percent; cuts outlook
PEORIA, Ill. (AP) — Caterpillar says its second-quarter profit fell 77 percent as dealers cut inventories more than it had anticipated and the company cut its profit and revenue outlook for the year.
The world's largest maker of construction and mining equipment is reporting earnings of $960 million, or $1.45 per share, compared with $1.7 billion, or $2.54 per share a year ago. Revenue slid 15.8 percent to $14.63 billion.
Are you a newspaper subscriber but you don't have a Digital Access account yet? https://secure.forumcomm.com/?publisher_ID=40&event=subscriber/lookup.
You will need your subscription account number and phone number. Not sure if you have an account? Email us at email@example.com and we can help you.