Caterpillar posts lower third-quarter earnings

Caterpillar machines are seen at a construction site in New YorkCaterpillar Inc (CAT.N) on Tuesday reported a sharply lower quarterly profit as global economic weakness slowed the sale of new machinery amid an abundance of available used equipment.

Caterpillar, the world’s largest construction and mining equipment maker, reported a third-quarter profit of $283 million, or 48 cents per share, down from $559 million, or 94 cents per share, a year earlier.

Earnings per share were 85 cents, excluding restructuring costs.

via Caterpillar posts lower third-quarter earnings | Reuters

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