Caterpillar cuts forecast for 2015 |
| Chicago Tribune - Sep 25, 2012 |
Caterpillar Inc., the world's largest maker of earth-moving equipment, has cut its 2015 earnings forecast, citing weak global economic conditions that are hampering its expansion into mining and China.
The company expects to earn $12 to $18 per share in 2015, it told analysts during a presentation in Las Vegas on Monday.
Caterpillar had previously forecast 2015 earnings of $15 to $20 per share.
Caterpillar shares fell 2.3 percent to $88.80 in after-hours trading on Monday.
Prices for coal and iron ore have dropped more than 20 percent this year, causing many of Caterpillar's customers in the mining sector to rethink capital expenditures. The slump in commodity prices comes a year after Caterpillar paid $7.6 billion for mining equipment maker Bucyrus International.
"We've seen a slowing in economic growth more than we expected," Caterpillar CEO Doug Oberhelman told analysts and reporters on Monday. "We expect fairly anemic and modest growth through 2015."
Read Full Article from Chicago Tribune
- Posted: 2012-09-25 14:35:40
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